FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
Question
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A business evaluates a proposed venture as follows. It stands to make a profit of $10, 000 with probability 3/20, to make a profit of $5000 with probability 9/20, to break even with probability 5/20, and to lose $5000 with probability 3/20. The expected profit in dollars is
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0
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-2050
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1500
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3000
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Explanation:
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