Expected monetary value for lobster liquidators


Lobster Liquidators wil make 500,000 if the fishing season weather is good, 200,000, if the weather is fair, and would actually lose 50,000 if the weather is poor during the season. if the weather service gives a 40% probability of good weather, a 25% probablitlity of fair weather, and a 35% probability of poor weather, what is the expected monetary value for Lobster Liquidators?

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Accounting Basics: Expected monetary value for lobster liquidators
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