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Question: You are organizing an outdoor concert and believe attendance will depend on the weather. You believe the following possibilities are appropriate:

a. What is the expected attendance?

b. Suppose each ticket costs $5 and the fixed costs (tents, band, etc.) are $2,000. What are the expected profits? Graph the probability distribution for profits.

c. What is the most you could pay for the fixed costs and still have an 80% chance of making a profit on the event?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92571530

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