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mkendrick08 mkendrick08
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4 years ago
Lobster Liquidators will make $550,000 if the fishing season weather is good, $240,000 if the weather is fair, and would actually lose $40,000 if the weather is poor during the season. If the weather service gives a 45% probability of good weather, a 25% probability of fair weather, and a 30% probability of poor weather, what is the expected monetary value for Lobster Liquidators?
A) $247,500
B) $295,500
C) $750,000
D) $250,000
Textbook 

Cost Accounting: A Managerial Emphasis


Edition: 16th
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jmarcjmarc
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4 years ago
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More solutions for this book are available here
 B
Explanation:  0.45 ($550,000) + 0.25 ($240,000) + 0.3 (-$40,000) = $295,500
L u c k y  D u c k y

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mkendrick08 Author
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4 years ago
Such a godsend, you helped me and my friend big time
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2 months ago
Thank you
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