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Returns on a certain business venture, to the nearest $1,000, are known to follow the probability distribution
x
P(x)
-2,000
0.1
-1,000
0
0.2
1,000
2,000
0.3
3,000
a. What is the most likely monetary outcome of the business venture?
b. Is the venture likely to be successful? Explain.
c. What is the long-term average earning of business ventures of this kind? Explain.
d. What is a good measure of the risk involved in a venture of this kind? Why? Compute this measure.
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