Complete this assignment and submit all of your work to the dropbox associated with the lesson. Grace's Ice Cream Shop s

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Complete This Assignment And Submit All Of Your Work To The Dropbox Associated With The Lesson Grace S Ice Cream Shop S 1 (61.21 KiB) Viewed 18 times

Complete this assignment and submit all of your work to the dropbox associated with the lesson. Grace's Ice Cream Shop sells only mint and raspberry ice cream. Each week, Grace puts either mint ice cream or raspberry ice cream on sale. She is trying to figure out which ice cream she should put on sale this week. Grace gets all of her business from people who walk by her ice cream shop and stop in. She performs some market research and asks 1000 different people if they would purchase mint ice cream, raspberry ice cream, or no ice cream if they walked by and raspberry ice cream was on sale. She does the same for mint ice cream being on sale. This week a total of 200 people will walk by Grace's Ice Cream Shop. If necessary, round your answers to the nearest cent. The following table shows the profit for each type of The following table shows the results from her ice cream depending on which ice cream Grace market research. puts on sale. Mint on sale Raspberry on sale Customer choice Mint on sale Raspberry on sale Profit from mint $3.00 $4.00 Mint 305 219 Profit from raspberry $3.00 $2.50 Raspberry 314 501 No ice cream 381 280 Total 1000 1000 1. What is Grace's expected profit if she puts mint ice cream on sale? Tip: Make a probability distribution table to organize your information. 2. What is Grace's expected profit if she puts raspberry ice cream on sale? Tip: Make a probability distribution table to organize your information 3. To maximize her expected profit, Grace should put ice cream on sale.