Mathematics, 21.10.2020 02:01 jallison61
A farmer has found that in a typical year they earn $75000 from their harvest. In a wet year they earn $48000, and in a drought they earn $26000. If the probability of a wet year is 0.30 and the probability of a drought is 0.20 find the mean amount this farmer will make from their harvest over a long period of years. If the farmer has the option of buying insurance for $2000 a year that pays $20000 in a year of a drought, does it make sense financially to buy the insurance? Justify.
Answers: 1
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A farmer has found that in a typical year they earn $75000 from their harvest. In a wet year they ea...
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