(Answered) You are organizing an outdoor concert for next week and

Economics

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 Economics, Economics

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