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Vsevolod [243]
2 years ago
11

A man buys a racehorse for ​$20 comma 00020,000 and enters it in two races. He plans to sell the horse​ afterward, hoping to mak

e a profit. If the horse wins both​ races, its value will jump to ​$70 comma 00070,000. If it wins one of the​ races, it will be worth ​$45 comma 00045,000. If it loses both​ races, it will be worth only ​$10 comma 00010,000. The man believes there is a 3030​% chance that the horse will win the first race and a 3535​% chance that it will win the second one. Assuming that the two races are independent​ events, find the​ man's expected profit.
Business
1 answer:
Step2247 [10]2 years ago
7 0

Answer:

<h2>A man buys a racehorse for $20,000 and enters it in two races. He plans to sell the horse afterward, hoping to make a profit. If the horse wins both races, its value will jump to $100,000. If it wins one of the races, it will be worth <em>$50,000.</em></h2>

Explanation:

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This question is incomplete, here is the complete question:

Following a long period of slow growth, the government of country X decided to open its economy and reduce trade barriers in order to boost economic growth. This provided the expected impetus to the economy as competition increased and the efficiency of domestic firms improved. A decade after opening the economy, the country's GDP is now growing at an average of 7-8 percent annually. A group of economists claim that the standard of living of the people has improved substantially during this period. They also expect this impressive growth to continue over the next five years.

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Answer:

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When domestic consumers engage in increased discretionary spending, then it is safe to say that there is an improvement in the economy. As domestic consumers would rather spend only on essentials (food, clothing, and housing), when they have limited disposable income.

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