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You run a small coffee shop that offers five different sizes of coffee cups: small, medium, large, extra-large, and jumbo. You estimate that the probability distribution of the sizes of the cups sold is a follows:

You run a small coffee shop that offers five different sizes of coffee cups: small, medium, large, extra-large, and jumbo. You estimate that the probability distribution of the sizes of the cups sold is a follows:

MATLAB: An Introduction with Applications
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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6. You run a small coffee shop that offers five different sizes of coffee cups: small, medium, large, extra-large, and jumbo. You estimate that the probability distribution of the sizes of the cups sold is as follows: Cup Size Small (8 oz) Medium (12 oz) Large (16 oz) Extra-large (20 oz) Jumbo (24 oz) Profit per Cup $1.50 $2.00 $2.50 $3.00 $3.50 Probability 0.2 0.3 0.3 0.1 1) What is the probability of selling a Jumbo size cup of coffee? 2) What is the expected profit from selling a cup of coffee? 3) What is the variance of the profit from selling a cup of coffee? 4) What is the standard deviation of the profit from selling a cup of coffee?
Transcribed Image Text:6. You run a small coffee shop that offers five different sizes of coffee cups: small, medium, large, extra-large, and jumbo. You estimate that the probability distribution of the sizes of the cups sold is as follows: Cup Size Small (8 oz) Medium (12 oz) Large (16 oz) Extra-large (20 oz) Jumbo (24 oz) Profit per Cup $1.50 $2.00 $2.50 $3.00 $3.50 Probability 0.2 0.3 0.3 0.1 1) What is the probability of selling a Jumbo size cup of coffee? 2) What is the expected profit from selling a cup of coffee? 3) What is the variance of the profit from selling a cup of coffee? 4) What is the standard deviation of the profit from selling a cup of coffee?
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