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Answer to Question #83657 in Statistics and Probability for aislinn
Question #83657
Question 3
An Italian Ice (snowcone) retailer is examining his profits for the spring season of the previous year. He realizes that his sales are based on the daily weather: sunny, average, or cold. He estimates that this year the probability of it being sunny is 0.2, average 0.5, and cold 0.3. His gross sales on these three types of days average $50, $35, and $10 respectively.
a. Find the expected income in any one day.
b. If the average supplies cost $18, what is the expected daily profit?
An Italian Ice (snowcone) retailer is examining his profits for the spring season of the previous year. He realizes that his sales are based on the daily weather: sunny, average, or cold. He estimates that this year the probability of it being sunny is 0.2, average 0.5, and cold 0.3. His gross sales on these three types of days average $50, $35, and $10 respectively.
a. Find the expected income in any one day.
b. If the average supplies cost $18, what is the expected daily profit?
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