The table below is a probability distribution of a potential quantity of sales of Gourmet sausages during
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The table below is a probability distribution of a 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:
- How many sausages should John Bull expect to sell?
- 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 |
Related Book For
Essentials Of Business Statistics
ISBN: 9780078020537
5th Edition
Authors: Bruce Bowerman, Richard Connell, Emily Murphree, Burdeane Or
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