Question

Please explain how to do this...

Jeff is producing an outdoor concert. He estimates that he will make 3100 dollars if it does not rain, and make 1000 dollars if it does rain. The local weather station (which we'll assume is accurate in giving forecasts) predicts that the chance of rain is 11 percent for the day of the concert. What is Jeff's expected earnings from the concert?
Answer = dollars.

Answer 1

Answer:-

Given That:-

Jeff is producing an outdoor concert. He estimates that he will make 3100 dollars if it does not rain, and make 1000 dollars if it does rain.The local weather station (Which we'll assume is accurate in giving forecasts) perdicts that the chance of rain is 11 percentage for the day of the concert.

What is Jeff's expected earnings from the concert?

The Jeff's expected earnings from the concert

no rain rain

3100 1000

Probability 0.89   11%

=0.11

Expected earnings

dollars

The Jeff's expected earnings from the concert is 2869 dollars.