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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 ...

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  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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