Question

In: Math

(1) The table below is a probability distribution of potential quantity of sales of Gourmet sausages...

(1) The table below is a probability distribution of potential quantity of sales of Gourmet sausages during a game. John Bull has to pay a concession fee of $200 to receive a permit to sell sausages at the stadium. Gourmet sausages can be bought at wholesale for $2.00 and sold in the stadium for $3.50 each. Unsold sausages cannot be returned. Given the probability distribution:

  1. How many sausages should John Bull expect to sell?
  2. How many sausages should John Bull purchase? Gourmet sausages can only be purchased in batches of 50 units as indicated in the probability distribution.

SALES

Probability

100

0.05

150

0.06

200

0.10

250

0.20

300

0.25

350

0.30

400

0.04

Solutions

Expert Solution

milcah answered 8 months ago
Next > < Previous

Related Solutions

(1) The table below is a probability distribution of potential quantity of sales of Gourmet sausages...
(1) The table below is a probability distribution of potential quantity of sales of Gourmet sausages during a game. John Bull has to pay a concession fee of $200 to receive a permit to sell sausages at the stadium. Gourmet sausages can be bought at wholesale for $2.00 and sold in the stadium for $3.50 each. Unsold sausages cannot be returned. Given the probability distribution: How many sausages should John Bull expect to sell? How many sausages should John Bull...
the table below provides information for a probability distribution. use the table below to answer the...
the table below provides information for a probability distribution. use the table below to answer the following questions. X p(X) 0 .10 1 .60 2 .30 a. calculate the variance. b. calculate the standard deviation
The probability distribution of returns for Stocks A and B are given in the table below....
The probability distribution of returns for Stocks A and B are given in the table below. If you invest $1,200,000 in Stock A and $800,000 in Stock B, calculate the expected return of your portfolio. State of Economy Probability of state Stock A's Return Stock B's Return Boom 0.20 40% 28% Normal 0.40 25% 12% Slow Down 0.30 0% 7% Recession 0.10 -20% 0% a.16.00% b.15.2% c.12.8% d.14.6% Group of answer choices
The table below is a discrete probability distribution of study hours for mathematics in a given week.
The table below is a discrete probability distribution of study hours for mathematics in a given week.    Hours (x) 1 2 3 4 5 P(x) 0.16 0.22 ? 0.20 0.14 Find the probability of x=3. Find the mean and the standard deviation of this probability distribution. Find the probability that x is at most 4 hours.
The joint probability distribution of variables X and Y is shown in the table below. ...............................................................................X..........................................................................
The joint probability distribution of variables X and Y is shown in the table below. ...............................................................................X....................................................................... Y 1 2 3 1 0.30 0.18 0.12 2 0.15 0.09 0.06 3 0.05 0.03 0.02 Calculate E(XY) Determine the marginal probability distributions of X and Y.             Calculate E(X) and E(Y)             Calculate V(X) and V(Y)             Are X and Y independent? Explain.             Find P(Y = 2| X = 1) Calculate COV(X,Y). Did you expect this answer? Why? Find the probability distribution...
Use the table below to answer questions 1 and 2. Price Quantity Demanded Quantity Supplied $8...
Use the table below to answer questions 1 and 2. Price Quantity Demanded Quantity Supplied $8 200 1,000 $6 400 800 $4 600 600 $2 800 400 1. Setting a price floor of $8 would cause a market surplus in the amount of: a. 400 units. b. 500 units. c. 600 units. d. 800 units. 2. Setting a price ceiling of $2 would cause a market shortage in the amount of: a. 400 units. b. 500 units. c. 600 units....
Consider the following subjective probability distribution for a potential investment: State of the economy probability Estimated...
Consider the following subjective probability distribution for a potential investment: State of the economy probability Estimated rate of return Strong growth .1 25% Moderate growth .4 15 Weak growth .4 10 Recession .1 -12 Calculate the expected rate of return Calculate the variance Calculate the standard deviation Calculate the coefficient of variation Interpret your answers in a-d
Draw the probability distribution curve and label all values Whitney Gourmet Cat Food has determined the...
Draw the probability distribution curve and label all values Whitney Gourmet Cat Food has determined the weight of their cat food can is normally distributed with a mean of 3 ounces and a standard deviation of 0.05 ounces. To meet legal and customer satisfaction goals each can must weigh between 2.95 and 3.1 ounces. If a single can is chosen, what is the probability it will weigh less between 2.95 and 3.1 ounces?
The table below shows the one-year return distribution of Startup Inc. Probability 35% 20% 20% 10%...
The table below shows the one-year return distribution of Startup Inc. Probability 35% 20% 20% 10% ?% Return -90% -75% -50% -25% 1000% a. Calculate the expected return. b. Calculate the standard deviation of the return. c. Replace the expected return of 1000% in the last column in the table above with the expected return value that minimizes the standard deviation of the returns. a. The expected return is %. (round to one decimal) b. The standard deviation of the...
The table below shows the one-year return distribution of Startup Inc. Probability 25% 20% 20% 10%...
The table below shows the one-year return distribution of Startup Inc. Probability 25% 20% 20% 10% ?% Return -60% -75% -50% -25% 1000% a. Calculate the expected return. b. Calculate the standard deviation of the return. c. Replace the expected return of 1000% in the last column in the table above with the expected return value that minimizes the standard deviation of the returns. a. The expected return is %. (round to one decimal) b. The standard deviation of the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT