Jerseys will sell for $30. Random variable X is number of jerseys that will be sold. E(X)=100 and R is the total revenue (R=30X). What is the expected revenue.
I have no idea what formula to use. I thought conditional probability because revenue is dependent on the sale of the jerseys, but the formula does not match my data, or I am writing it back the front.
Why is it not $3000...?
I think if I knew the formula I could work it out~ maybe :-)
Thanks Captain Black~ obviously I have no idea because I have not seen this formula before in class nor can I find it in my book.
100 x (30x100)...is that how I plug in my numbers...?
This topic just confuses me the more I try to understand it~ give me SPSS anytime :-)