Suppose that someone offers you a job at a casino in Las Vegas with the following two options: you can either earn $68.00 per night working behind a change counter,or you can serve cocktail drinks.If the latter is chosen,your earnings potential is based on the number of patrons frequenting the casino each night.You can make $100 in tips on a busy night,$75 in tips on a normal night,and $50 in tips on a slow night.The probabilities of a busy,normal,or slow night are,respectively,0.4,0.3,and 0.3.
a.Which option maximizes your long-run average nightly earnings? Use Crystal Ball with 1000 replications.
b.How would your answer change if you can earn $85 per night working behind a counter?

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The Answer of Suppose that someone offers you a job at a casino in Las Vegas with the following two options: you can either earn $68.00 per night working behind a change counter,or you can serve cocktail drinks.If the latter is chosen,your earnings potential is based on the number of patrons frequenting the casino each night.You can make $100 in tips on a busy night,$75 in tips on a normal night,and $50 in tips on a slow night.The probabilities of a busy,normal,or slow night are,respectively,0.4,0.3,and 0.3.
a.Which option maximizes your long-run average nightly earnings? Use Crystal Ball with 1000 replications.
b.How would your answer change if you can earn $85 per night working behind a counter?

Suppose That Someone Offers You a Job at a Casino