Refer to the Following Probability Distribution for Profit $$\begin{array} { c c } \text { Prafit } & \text { Prabability } \\\hline \$ 30 & 0.05 \\40 & 0.25 \\50 & 0.60 \\60 & 0.10\end{array}$$

question 32

Multiple Choice

Refer to the following probability distribution for profit
$$\begin{array} { c c } \text { Prafit } & \text { Prabability } \\\hline \$ 30 & 0.05 \\40 & 0.25 \\50 & 0.60 \\60 & 0.10\end{array}$$
-What is the expected profit for this distribution?

• A) $11,875
• B) $46
• C) $47.50
• D) $48.75
• E) none of the above

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Definitions:

U.S. Automobile Industry

A significant sector of the U.S. economy, involving the design, manufacture, and sale of motor vehicles within the United States.

Oligopoly

represents a market structure with a small number of large firms dominating the industry, leading to potential collaboration and less competitive market conditions.

Total Revenue

The total amount of money received by a company from selling its goods or services before any costs or expenses are deducted.

Upsloping Line

In economics, represents a graph where the value or quantity increases as another variable increases, often seen in supply curves.