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Question: I have this problem any one can help me? A mineral economist estimated that a particular minin…

by | Nov 30, 2023 | Posted Questions




I have this problem any one can help me?




A mineral economist estimated that a particular mining venture had
probability 0.4 of a $30 million loss, probability 0.5 of a $20
million profit, and probability 0.1 of a $40 million profit. Let X
represent the profit, in millions of dollars.Find


the probability distribution of the profit and the expected value
of the profit. Does this venture represent an expected gain or an
expected loss? What would your recommendation be to the
company?



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