32. The following information about the past several snow reports is known. Dete

Question

32. The following information about the past several snow reports is known. Determine the probability of each event: (NOTE: convert to a percentage, 2 decimal places) Snowfall Frequency Probability 0-5 inches 6-10 inches 11-15 inches 16 or more 33. You are considering opening up a new dealership. You have three types of dealerships to choose from: compact cars, full-size cars and trucks. The success of each type of dealership will determine on how much gasoline is going to be available during the next few years. The profit from each type of dealership given the availability of gas is shown on the following payoff table. Determine which type of dealership the couple should purchase. Which type of dealership should they choose? (You must show your work in order to get credit) Dealership Compact Cars Full-size Cars Trucks Shortage .65 500,000 200,000 150,000 Surplus .35 250,000 750,000 200,000 ANSWER:....(Compact, Full-size or Trucks) $

Explanation / Answer

32.

33.

(Freq/Total) Snowfall Freq Prob 0 to 5 4 0.31 6 to 10 3 0.23 11 to 15 5 0.38 16 or more 1 0.08 Total 13

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