Fast Service Store has maintained daily sales records on different size "Cool Drink" sales.
"Cool Drink" Price Number Sold
$0.50 75
$0.75 120
$1.00 125
$1.25 80
Total 400
Suppose that past performance is the good indicator of future sales,
i) Find probability of the customer buying the $1.00 "Cool Drink?"
ii) Find probability of the customer buying the $1.25 "Cool Drink?"
iii) Find probability of the customer buying the "Cool Drink" which costs greater than or equal to $1.00?
iv) Find expected value of "Cool Drink"?
v) Find variance of "Cool Drink"?