Fast Service Store Has Maintained Daily Sales Records on the Various

question 65

Essay

Fast Service Store has maintained daily sales records on the various size "Cool Drink" sales.
Assuming that past performance is a good indicator of future sales,
(a)What is the probability of a customer purchasing a $1.00 "Cool Drink?"
(b)What is the probability of a customer purchasing a $1.25 "Cool Drink?"
(c)What is the probability of a customer purchasing a "Cool Drink" that costs greater than or equal to $1.00?
(d)What is the expected value of a "Cool Drink"?
(e)What is the variance of a "Cool Drink"?

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Definitions:

Discretionary Policy

Economic or fiscal policy based on judgment and decision-making in response to changing economic conditions, rather than set by predetermined rules.

National Saving

The total amount of savings generated within a country, including both private savings by households and public savings by the government.

Interest Rates

The cost of borrowing money or the return on investment for savings, typically expressed as a percentage of the principal amount.

Discretionary Fiscal Policy

Economic strategies implemented by the government through changes in spending levels and tax rates to influence economic conditions.