The distributor of a machine for cytogenics
The distributor of a machine for cytogenics has developed a new model. The company estimates that when it is introduced into the market, it will be very successful with a probability 0.6, moderately successful with a probability 0.3, and not successful with probability 0.1. The estimated yearly profit associated with the model being very successful is $15 million and being moderately successful is $5 million; not successful would result in a loss of $500,000. Let X be the yearly profit of the new model. Determine the probability mass function of X.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help