An oil company is considering two sites on which to drill, described as follows:
Site A: Profi...
Mathematics, 05.04.2020 16:55, nathanbrockdac
An oil company is considering two sites on which to drill, described as follows:
Site A: Profit if oil is found: $80 million
Loss if no oil is found: $10 million
Probability of finding oil: 0.2
Site B: Profit if oil is found: $120 million
Loss if no oil is found: $18 million
Probability of finding oil: 0.1
Which site has the larger expected profit? By how much?
Answers: 3
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