The amount of milk that the American Cookie Company sells in a given week is random. Suppose the milk sells for $2.00 per cup and it costs the store $1.50 per cup. The following describes the distribution of demand for milk in a one week period. There is a probability of 0.16 that the store will sell 100 cups of milk; there is a probability of 0.27 that the store will sell 130 cups of milk; there is a probability of 0.3 that the store will sell 170 cups of milk; otherwise, the store will sell 210 cups of milk. What is the expected number of cups of milk the store will sell in a given week? (please express your answer using 2 decimal places)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The amount of milk that the American Cookie Company sells in a given week is random. Suppose the milk sells for $2.00 per cup and it costs the store $1.50 per cup. The following describes the distribution of demand for milk in a one week period. There is a
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