(Answered) Problemyou are organizing an outdoor concert for next week

Management Studies

Problem:

You are organizing an outdoor concert for next week and believe attendance will depend on the weather. You consider the following possibilities are appropriate:

Weather Probability = F(x) Attendance = X

Terrible weather 0.2 500

Mediocre weather 0.6 1000

Great weather 0.2 2000

1. Let X denote the attendance. Why is X a random variable?

2. What is the expected attendance?

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Business Management, Management Studies

Category:- Business Management
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