Use the information below to answer the following question(s)
Misty Inc. launches a new range of perfumes for men and women. The probability of high consumer demand for the product is 0.6 and low consumer demand is 0.4. The probability of a favorable survey response given high consumer demand is 0.9 and the probability of a favorable survey response given low consumer demand is 0.2.
-A children's welfare fundraiser involves selling one thousand $70 tickets to win a $20,000 grand prize. If the probability of winning is only 0.005, what is the expected payoff?
A) -$40
B) -$50
C) $30
D) $60

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The Answer of Use the information below to answer the following question(s)
Misty Inc. launches a new range of perfumes for men and women. The probability of high consumer demand for the product is 0.6 and low consumer demand is 0.4. The probability of a favorable survey response given high consumer demand is 0.9 and the probability of a favorable survey response given low consumer demand is 0.2.
-A children's welfare fundraiser involves selling one thousand $70 tickets to win a $20,000 grand prize. If the probability of winning is only 0.005, what is the expected payoff?
A) -$40
B) -$50
C) $30
D) $60

Use the Information Below to Answer the Following Question(s)