Four entrepreneurial students want to open a shaved ice business during the coming summer. First student thinks that demand will be high; second feels strongly that demand will be low and the third student is pretty sure that demand will fall in-between these two extremes. The fourth student has estimated the cost, revenues, and likelihoods. of each level of demand and created the table shown below. What is the expected profit for this venture? Show all your steps.

Demand	Total Revenue	Total Expenses	Provavility
Low	$500	$15	0.2
Medium	$2,000	$125	0.3
High	$5,000	$519	0.5

Answer rating: 100% (QA)

Profit if demand is low 500 15 485 Pr... View the full answer