In: Statistics and Probability
**SHOW ALL WORK IN EXCEL QM**
Problem-4:
Every home football game for the past eight years at Eastern State University has been sold out. The revenues from ticket sales are significant, but the sale of food, beverages, and souvenirs has contributed greatly to the overall profitability of the football program. One particular souvenir is the football program for each game. The number of programs sold at each game is described by the following probability distribution:
Number (in 100s) of Programs Sold |
Probability |
23 |
0.15 |
24 |
0.22 |
25 |
0.24 |
26 |
0.21 |
27 |
0.18 |
Historically, Eastern has never sold fewer than 2,300 programs or more than 2,700 programs at one game. Each program costs $0.80 to produce and sells for $2.00. Any programs that are not sold are donated to a recycling center and do not produce any revenue.