Question

In: Math

Danielle and William are visiting an ice cream shop where they will randomly choose one of...

Danielle and William are visiting an ice cream shop where they will randomly choose one of the following five regular and premium flavors.

Flavors Price

Vanilla Bean $2.00

Chocolate Mint $3.00

Pralines and Cream $4.00

Strawberry Shortcake $5.00

Fudge Brownie Caramel Cheesecake Deluxe $6.00

Define the population as the five services and a sample of size two as the flavor that Danielle chooses and the service that William chooses.

a. Identify the frequency distribution for the population

b. Identify the frequency distribution for all combinations of samples means for Danielle and William choosing a flavor

c. Verify that the population mean and man of all possible sample means are equal

d. Calculate the standard error.

Solutions

Expert Solution

a) Frequency distribution for the population

servings price relative frequency
vanilla bean (VB) 2 0.2
chocolate mint (CM) 3 0.2
pralines and cream (PC) 4 0.2
strawberry shortcake (SS) 5 0.2
fudge brownie ….(FB) 6 0.2

To find population mean and standard deviation

x P(x) x.P(x) x^2.P(x)
2 0.2 0.4 0.8
3 0.2 0.6 1.8
4 0.2 0.8 3.2
5 0.2 1 5
6 0.2 1.2 7.2
4 18

Population mean = =  4

Standard deviation = =

Note : As the five are equally likely , we assigned equal probability to them , 1/5 =0.2

b) There are 5*5 =25 possible combinations of servings that two chose to eat

sample size =25

The frequency distribution of sample means

samples sample mean probability
2,2 2 0.04
2,3;3,2 2.5 0.08
2,4; 4,2; 3,3 3 0.12
2,5; 5,2; 3,4; 4,3 3.5 0.16
4,4; 2,6; 6,2; 3,5; 5,3 4 0.2
4,5; 5,4; 3,6; 6,3 4.5 0.16
5,5;4,6;6,4 5 0.12
5,6; 6,5 5.5 0.08
6,6 6 0.04

c) Population mean =4

Mean of sample mean = 2*0.04 + ....+ 6* 0.04 = 4

d) standard error= population standard deviation/ 1.4142 /


Related Solutions

An ice-cream shop serves 5 flavors ice-cream to its customers. The shop has seating capacity for...
An ice-cream shop serves 5 flavors ice-cream to its customers. The shop has seating capacity for 6 people. One fine Saturday morning, as the shop opens, 4 kids enter the shop for ice-cream. Please provide expanded formulas or expressions to answer following questions. You need not solve the final arithmetic. 1. What are the different ways in which the 4 kids can sit? 2. What are the different types of orders possible, if each kid orders exactly one serving of...
An ice cream shop sells five-scoop ice cream cones, allowing customers to pick which flavors they...
An ice cream shop sells five-scoop ice cream cones, allowing customers to pick which flavors they want stacked on their cone. The shop has the following ice cream flavors available: chocolate, vanilla, strawberry, mint & chocolate chip, rocky road, cookies & cream, cookie dough, cotton candy, butter pecan, birthday cake, and cherry. Note that customers can order a five-scoop cone with multiple scoops of the same flavor. a) How many five-scoop cones are possible if order of the ice cream...
An ice cream store sells a pint of ice cream for $4.00 each. The shop incurs a monthly fixed cost of $2,000
An ice cream store sells a pint of ice cream for $4.00 each. The shop incurs a monthly fixed cost of $2,000 which includes salaries and rental. The variable cost per pint of ice cream is $1.50. The company is currently selling 600 pints per month.A. How many pints per month does the store need to sell to break-even?B. Using Goal Seek what is the new selling price per pint to achieve a profit of $10,000, if the company continues...
Your niece is visiting you, and you are serving her ice cream in a conical glass...
Your niece is visiting you, and you are serving her ice cream in a conical glass (conical shape whose bottom is the tip of the cone). The diameter of the opening is 3 inches, and the cone is 6 inches tall. You plan to fill the cone part way to a height h. Your niece requires that you smooth the ice cream so that it lies perfectly flat. Find a formula for the height of ice cream as a function of...
There are two ice cream shops, A and B, in a touristic town. Each shop needs...
There are two ice cream shops, A and B, in a touristic town. Each shop needs to individually choose the price it charges for a scoop of ice cream, which can be either $2, $4 or $5. Each firm wants to maximize their total revenue from customers via an appropriate choice of price. It is expected that − 8,000 scoops of ice cream are purchased by tourists, who are split evenly between the two shops regardless of the prices charged...
Karen is considering opening an ice cream shop. For each of the following costs associated with...
Karen is considering opening an ice cream shop. For each of the following costs associated with her business, explain whether the cost is fixed or variable. $25,000 to lease a building for the shop for one year $0.12 per wrapper each on ice cream cone $2,000 for a year of commercial liability insurance $1.00 of food ingredients for every cone Assume that each cone includes food ingredients and one wrapper. If Karen sells 15,000 ice cream cones in a year...
As 2020 Vancouver summer progresses, your friend is thinking of opening up an ice cream shop...
As 2020 Vancouver summer progresses, your friend is thinking of opening up an ice cream shop called ‘Rain, Snow or Shine’. Your friend heard that you completed the Financial Management course, and count on you to advise financial aspect of the ice cream shop adventure. What questions would you ask your friend and what advice would you offer?
Question 3(a): When customers arrive at Cool's Ice Cream Shop, they take a number and wait...
Question 3(a): When customers arrive at Cool's Ice Cream Shop, they take a number and wait to be called to purchase ice cream from one of the counter servers. From experience in past summers, the store's staff knows that customers arrive at a rate of 150 per hour on summer days between 3:00 p.m. and 10:00 p.m., and a server can serve 1 customer in 1 minute on average. Cool's wants to make sure that customers wait no longer than...
Pick a small company (ice-cream shop, restaurant, bookstore, parking structure or ...) and write a short...
Pick a small company (ice-cream shop, restaurant, bookstore, parking structure or ...) and write a short history about the company, major products, and location. Determine the factors that will influence demand for their products (be specific) Determine the factors that will influence supply of their products (be specific) Pick one of their products andeither calculate or speculate about the price elasticity of demand and the income elasticity of demand for that product. Justify your guess about how elastic the demand...
As 2020 No-fun-city summer progresses, your friend is thinking of opening up an ice cream shop...
As 2020 No-fun-city summer progresses, your friend is thinking of opening up an ice cream shop called ‘Rain, Snow or Shine’. Your friend heard that you completed the Financial Management course, and count on you to advise financial aspect of the ice cream shop adventure. What questions would you ask your friend and what advice would you offer?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT