Essay
Fast Service Store has maintained daily sales records on the various size "Cool Drink" sales.
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"?
Correct Answer:
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(a)125/400 = 0.3125 (b)80/400 ...View Answer
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