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chimeric chimeric
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6 years ago
Fast Service Store has maintained daily sales records on the various size "Cool Drink" sales.

"Cool Drink" Price   Number Sold
$0.50   75
$0.75   120
$1.00   125
$1.25   80
Total   400

Assuming that past performance is a good indicator of future sales,
(a) What is the probability of a customer purchasing a $1.00 "Cool Drink?"
(b) What is the probability of a customer purchasing a $1.25 "Cool Drink?"
(c) What is the probability of a customer purchasing a "Cool Drink" that costs greater than or equal to $1.00?
(d) What is the expected value of a "Cool Drink"?
(e) What is the variance of a "Cool Drink"?
Textbook 
Quantitative Analysis for Management

Quantitative Analysis for Management


Edition: 12th
Authors:
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#1
6 years ago
(a) 125/400 = 0.3125 (b) 80/400 = 0.20 (c) 205/400 = 0.5125
(d) .5(.1875) + .75(.3) + 1(.3125) + 1.25(.2) = .88125 (e) 0.064
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