Question

1. A farmer estimates her hens will produce

Answer 1

Answer:

Expected profit per dozen eggs = 4 ¢

Expected profit on the total egg production = 60,000 ¢

Step-by-step explanation:

Complete table as obtained online

Net Profit | 8 | 6 | 4 | 2 | 0 | -2

Probability |0.1|0.4|0.2|0.1|0.1|0.1

a) Expected profit per dozen eggs

Expected value is given as

E(X) = Σ xᵢpᵢ

xᵢ = each variable

pᵢ = probability of each variable

E(X) = (8×0.1) + (6×0.4) + (4×0.2) + (2×0.1) + (0×0.1) + (-2×0.1) = 4 ¢ per dozen

b) Expected profit on the total egg production

Last year, she had 12,000 dozen eggs

This year, she estimates 3,000 dozen more eggs

Estimated Total egg production this year = 12000 + 3000 = 15,000 dozen eggs

Expected profit per dozen eggs = 4 ¢

Expected profit on 15,000 dozen eggs = 15000 × 4 = 60,000 ¢

Hope this Helps!!!!