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Probability of a growing economy

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A firm is considering their pricing strategy. The firm wants to charge a price of $5 or $10. The number of units sold depends on the state of the economy. If the economy is growing, the firm believes it will sell 998 units when it charges $5, and the firm believes it will sell 578 units when it charges $10. If there is a recession, the firm will sell 985 units at a price of $5 and they will sell 371 units if they charge $10. The firm believes the probability of a growing economy is 0.66. The firm may set the price after they know the state of the economy. What is the expected value? Round your answer to one decimal.

Reference no: EM131103961

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