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You are trying to decide whether or not to book a cheap flight to fly home from NCSU after your final exams, but you're not sure when your last exam...
You are trying to decide whether or not to book a cheap flight to fly home from NCSU after your final exams, but you're not sure when your last exam will be.
You think there is a 20% chance that your last exam will be scheduled after the last day that you can get a seat on the cheap flight. If it turns out that your last exam is scheduled after the last day that you can get a seat on the cheap flight, then you will have to cancel the flight, resulting in a loss to you of $150. If you can take the cheap flight home you will save $100.
Question 1. If you book the cheap flight, what is your expected gain?
Question 2. If you book the cheap flight, what is the standard deviation of your gain?
