One afternoon, Dillon and 3 friends visit the zoo. They split the cost of parking the car evenly. Then each person buys a ticket
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The expected value of the game is the mean value of the game
The expected value of the game is $1
<h3>How to determine the expected value?</h3>There are 13 spades in a deck of card of 52
So, the probability of selecting a spade is:
P(Spade) = 13/52
Simplify
P(Spade) = 1/4
Winning = $7
The probability of not selecting a spade is:
P(Not spade) = 1 - 1/4
Simplify
P(Not spade) = 3/4
Lose = $1
The expected value of the game is:
This gives
Simplify
Evaluate
Hence, the expected value of the game is $1
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<h2>The revenue will be maximum for 253 passengers.</h2>Step-by-step explanation:
Let, the number of passenger is x, which is more than 194.
In this case, the travel agency will charge [312 - (x - 194)] per passenger.
The total revenue will be .
As x is the variable here, we can represent the revenue function by R(x). Hence, .
The revenue will be maximum when .