The manager of a bakery knows that the number of chocolate cakes he can sell on any given day is a ran-dom variable having the probability distribution f(x) = 1 6for x = 0, 1, 2, 3, 4, and 5. He also knows that there is aprofit of $1.00 for each cake that he sells and a loss (dueto spoilage) of $0.40 for each cake that he does not sell.Assuming that each cake can be sold only on the day it ismade, find the baker’s expected profit for a day on whichhe bakes(a) one of the cakes;(b) two of the cakes;(c) three of the cakes;(d) four of the cakes;(e) five of the cakes.How many should he bake in order to maximize hisexpected profit?
The manager of a bakery knows that the number of chocolate cakes he can sell on any given day is a ran-dom variable having the probability distribution f(x) = 1 6for x = 0, 1, 2, 3, 4, and 5. He also knows that there is aprofit of $1.00 for each cake that he sells and a loss (dueto spoilage) of $0.40 for each cake that he does not sell.Assuming that each cake can be sold only on the day it ismade, find the baker’s expected profit for a day on whichhe bakes(a) one of the cakes;(b) two of the cakes;(c) three of the cakes;(d) four of the cakes;(e) five of the cakes.How many should he bake in order to maximize hisexpected profit?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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The manager of a bakery knows that the number of
chocolate cakes he can sell on any given day is a ran-
dom variable having the probability distribution f(x) = 1
dom variable having the probability distribution f(x) = 1
6
for x = 0, 1, 2, 3, 4, and 5. He also knows that there is a
profit of $1.00 for each cake that he sells and a loss (due
to spoilage) of $0.40 for each cake that he does not sell.
Assuming that each cake can be sold only on the day it ismade, find the baker’s expected profit for a day on which
he bakes
(a) one of the cakes;
(b) two of the cakes;
(c) three of the cakes;
(d) four of the cakes;
(e) five of the cakes.
How many should he bake in order to maximize his
expected profit?
for x = 0, 1, 2, 3, 4, and 5. He also knows that there is a
profit of $1.00 for each cake that he sells and a loss (due
to spoilage) of $0.40 for each cake that he does not sell.
Assuming that each cake can be sold only on the day it ismade, find the baker’s expected profit for a day on which
he bakes
(a) one of the cakes;
(b) two of the cakes;
(c) three of the cakes;
(d) four of the cakes;
(e) five of the cakes.
How many should he bake in order to maximize his
expected profit?
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