Acompany makes electronic gadgets. one out of every 50 gadgets is faulty, but the company doesn't know which ones are faulty until a buyer complains. suppose the company makes a $3 profit on the sale of any working gadget, but suffers a loss of $80 for every faulty gadget because they have to repair the unit. find the expected profit for the company, then estimate their total profit if they sell 150,000 gadgets.

Expected value = $1.34

Estimated Profit = $201,000

Explanation:

Faulty gadget probability = 1/50

Faulty gadget value = -$80

Working gadget probability = 49/50

Working gadget value = $3

The expected profit for selling a gadget is given by multiplying the probability of a working gadget being sold by its associated profit and addingt it to the product of the probability of a faulty gadget being sold by its associated loss:

If they sell 150,000 gadgets the total profit is:

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