The owner of the small convenience store in the previous question sells two different candy brands. On average, he sells
Posted: Sun Jul 10, 2022 10:10 am
The owner of the small convenience store in the previousquestion sells two different candy brands. On average, he sells 20“A” candies with a standard deviation of 3 and 15 “B” candies witha standard deviation of 5. The price for candy “A” and “B” is 2$and 1.5$ respectively.
a. Assuming that selling “A” is independent of selling “B,” whatis the expected value and standard deviation of the total revenuefrom selling these two products?
b. What is the probability of selling less than 30$ of “A”candies?
c. What is the probability of selling more than 30$ of “B”candies?
d. What is the probability of gaining between 50$ to 70$ fromselling both candies?
e. If buying these candies costs 40$ for the owner, what wouldbe the probability of making a profit out of selling these candies?Explain whether having these products in the convenience storemakes sense.
a. Assuming that selling “A” is independent of selling “B,” whatis the expected value and standard deviation of the total revenuefrom selling these two products?
b. What is the probability of selling less than 30$ of “A”candies?
c. What is the probability of selling more than 30$ of “B”candies?
d. What is the probability of gaining between 50$ to 70$ fromselling both candies?
e. If buying these candies costs 40$ for the owner, what wouldbe the probability of making a profit out of selling these candies?Explain whether having these products in the convenience storemakes sense.