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(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 6 months ago
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