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Now, imagine that port chester decides to crack down on motorists who park illegally by increasing the number of officers issuing parking tickets (thus, raising the probability of a ticket). If the cost of a ticket is $100, and the opportunity cost for the average driver of searching for parking is $25, which of the following probabilities would make the average person stop parking illegally? assume that people will not park illegally if the expected value of doing so is negative. Check all that apply

Respuesta :

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Assuming that people will not park illegally if the expected value of doing so is negative, the probability that a person could stop illegally parking would be 26% and 31%.

How to find the expected value?

It is necessary to carry out the calculation, which is given by the following formula:

  • Expected value = P(x) × n

Applying the values in the formula, we find the values:

  • = -(100 x 26%) + 25 = -(100 x 31%) + 25
  • = -1$ = -$6

Therefore, the 26% and 31% probabilities are the negative probabilities.

This is an incomplete question, and the other alternatives are:

A. 26%

B. 31%

C. 23%

D. 21%

Find out more about expected value here:

https://brainly.com/question/15858152

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