Fast Service Store Has Maintained Daily Sales Records on the Various

question 71

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"?

---

Definitions:

Reciprocal Determinism

A concept in psychology, proposed by Albert Bandura, that human behavior is influenced by personal factors, the environment, and behavior itself, all of which influence each other reciprocally.

External Expectancies

Beliefs or anticipations about the outcomes of one's behaviors that are influenced by environmental or societal factors.

Locus of Control

A psychological concept that refers to an individual's belief about the extent to which the outcomes of their actions are under their own control (internal locus) or beyond their control (external locus).

Self-efficacy

An individual's belief in their own capability to succeed in specific situations or accomplish a task.