A rock concert producer has scheduled an outdoor concert. The producer estimates the attendance will depend on the weather according to the following table.

Weather	Attendance	Pobability
wet, cold	4000	0.1
wet, warm	15000	0.1
dry, cold	20000	0.2
dry, warm	40000	0.6

(a) What is the expected attendance?

(b) If tickets cost $20 each, the band will cost $300000, pluse $55000 for administration. What is the expected profit?

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AExpected attendance Expected attendance sum of attendance probability ... View the full answer