Answer to Question #139058 in Statistics and Probability for Pamela

Question #139058
a certain part of , street is charged rate of 70 php per day. However. you park your car in front of a pop restaurant, you either pay nothing or 250 php per day when they are open Answer the following there is 50% chance of the pop -up restaurant opening and you decide always to park in front the pop- restaurant will you expect to spend more or less in comparison to when you parkin other street parking the long Answer Blank 1 (more less Also, How much is the difference of parking fee on the average ? Answer Blank 2
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Expert's answer
2020-10-19T17:47:55-0400

If there is 50% chance of the pop-up restaurant opening and you decide always to park in front the pop-restaurant, then you will expect to spend 250×0.5 = 125 php, which is more in comparison to when you parking other street.

The difference of parking fee on the average is: 125 - 70 = 55 php.


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