​Three Possibilities Have Probabilities 0

question 20

Multiple Choice

​Three possibilities have probabilities 0.5,0.3 and 0.2 and values $10,$20,and $30 respectively.The expected value is:

• A)​$15
• B)$16
• C)$17
• D)​$18

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Definitions:

Baked

Typically refers to food that has been prepared by baking, a process of cooking through dry heat, especially in an oven.

Production Possibilities Frontiers

A curve depicting the maximum viable combinations of two products or services that an economy can produce with given resources and technology.

Opportunity Cost

The expense of not choosing the second-best option available during a decision-making process.

Rice

A staple food grain consumed worldwide, known for its versatility and ability as a primary source of nutrition for a large portion of the world's population.