(02.02 HC) Arlene is comparing the prices of two truck rental companies. Company A charges $7 per hour and an additional $30 as
service charges. Company B charges $8 per hour and an additional $40 as service charges. Part A: Write an equation to represent each company's total charges for renting a truck for a certain number of hours. For both equations (one for Company A and one for Company B), define the variable used. (4 points) Part B: Which company would charge less for renting a truck for 8 hours? Justify your answer. (3 points) Part C: How much money is saved by using the services of Company A instead of Company B to rent a truck for 2 hours? (3 points)
1 answer:
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Answer:
The carnival is losing (on average) $0.15 on each play
Step-by-step explanation:
To find out how much the carnival wins or looses in each play one subtract the expected value (EV) from each play from the amount charged by the carnival for each play ($0.55). If the expected value is higher than what the carnival charges, the carnival is losing money.
Expected is the sum of the payouts of each bet multiplied by its likelihood:
Since the expected value is higher than $0.55, the carnival is losing money, on average, on each play:
The carnival is losing (on average) $0.15 on each play