Amazon has three packages (Package A, Package B, and Package C) that is to be shipped to Bill's address. Package A is worth $100, Package B is worth $200, and Package C is worth $300. All three packages have a 90% chance of arriving and a 10% chance of being lost in transit. Set up a probability distribution with the appropriate probabilities for each possible outcome. What is the expected loss (P*)? How much risk does Amazon face in this delivery purchase. (i.e. -what is the coefficient of variation)
This question was answered on: Sep 21, 2023
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