From past experience, a wheat farmer finds that his annual profit (in dollars) is $88,000 if the summer weather is typical, $53,000 if the weather is unusually dry, and $24,000 if there is a severe storm that destroys much of his crop. Weather bureau records indicate that the probability is 0.72 of typical weather, 0.19 of unusually dry weather, and 0.09 of a severe storm. Let X denote the farmer's profit next year. Complete parts a through d. a. Construct a table with the probability distribution of X. Complete the table below.
Weather Profit-x Probability-P(x)
Typical $
Unusually-dry $
Severe-storm $
b. What is the probability that the profit is $51,000 or less?
c. Find the mean of the probability distribution of X. Interpret.
Select the correct choice below and fill in the answer box to complete your choice.
A. The wheat farmer expects to earn a long-term average profit of $ per year.
B. The wheat farmer will earn a profit of $ next year.