Setting up a probability distribution
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Fast Service Store has maintained daily sales records on the various size 'Cool Drink' sales. These are shown in the following table:
'Cool Drink' Price Number Sold
$0.25 75
$0.35 120
$0.50 125
$0.75 50
a.Set up a probability distribution for 'Cool Drink' sales.
b.What is the expected value of this probability distribution?
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Solution Summary
The solution describes the steps to find out probability distribution in the case. It also calculates expected value of probability distribution.
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Please refer attached file for better clarity of table.
Solution:
a. Set up a probability distribution for Cool Drink sales?
Cool Drink Price Number Sold ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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