Question: this /C Expected Value v Note: This calculat a Gerasine Heuga Nana Emma Nelson rlawrence@austincc.edu EXAMPLE: Tickets Sales for a Concert Organizers of a concert

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/C Expected Value v Note: This calculat a Gerasine Heuga Nana Emma Nelson rlawrence@austincc.edu EXAMPLE: Tickets Sales for a Concert Organizers of a concert are limiting ticket sales to a maximum of 4 tickets per customer. Let T' be the number of tickets purchased by a random customer. Here is the probability distribution of T: T = # of tickets a customer purchases 1 2 3 4 P(T) 0.1 0.3 0.2 0.4 3. Calculate the expected value of T. 4. How many tickets can I expect customers to buy? Read the following prompt and then work through parts (a) - (c) to help you solve the question. 5. Suppose an insurance company sells a disability income insurance policy that will pay the holder $100,000 in the event that he must quit his job due to a serious illness. Policy holders pay $250 to purchase the policy. Previous data shows that the probability that a policy holder will have to quit his job due to a serious illness is 1 out of 500. Should the insurance company expect to make a profit off the sale of this policy? [+V) 18 8 O 69 Participants Chat Share Screen Record Reactions Apps Whiteboards Notes 5 6 8

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