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What is the expected revenue of the concert

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Revenue for a carnival is dependent on the weather. If the weather is nice, the carnival will sell out and generate revenue of $100,000. But if it is not nice, revenue will be only $40,000. The probability of it being nice on the carnival date is estimated to be .7 (and "not nice" is .3) What is the expected revenue (EMV) of the concert?

Reference no: EM133018295

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