A company manufactures electronic pedometers. One out of 60 pedometers Is faulty, but the company...
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A company manufactures electronic pedometers. One out of 60 pedometers Is faulty, but the company cannot pinpoint the faulty ones until a consumer complains. Say that the company makes a profit of $10 on the sale of every pedometer but takes a loss of $100 for every faulty one, as they have to replace the unit. What is the expected average profit on the sale of a single pedometer in the long run?$7.80-$1.20-$7.80$2.56
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