Question: All calculations must done by hand NOT EXCEL spreadsheet. 2. Consider the expected profit equation below. 21 19 -400Q = + 522.700X(p(x)) + 1000X(p(x)) +

All calculations must done by hand NOT EXCEL

All calculations must done by hand NOT EXCEL spreadsheet.

2. Consider the expected profit equation below. 21 19 -400Q = + 522.700X(p(x)) + 1000X(p(x)) + Ex=1525400(p(X)) X=20 X=16 Use the probability distribution Table below. Number of Castings Produced (2) = Good Castings (1) 20 21 22 23 24 25 26 27 28 29 30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12 13 11 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.00 0.05 0,05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.05 0.10 0.10 0.15 0.20 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Determine the expected profit for Q = 20 and Q = 23 respectively. Show all calculations done by hand and NOT by Excel spreadsheet

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