A Local Bakery Has Determined a Probability Distribution for the Number

question 34

Multiple Choice

A local bakery has determined a probability distribution for the number of cheesecakes that they sell in a givenday. The distribution is as follows: $$\begin{array} { l | c c c c c } \text { Number sold in a day } & 0 & 5 & 10 & 15 & 20 \\\hline \text { Prob (Number sold) } & 0.07 & 0.1 & 0.22 & 0.23 & 0.38\end{array}$$ Find the number of cheesecakes that this local bakery expects to sell in a day.

• A) 13.75
• B) 13.82
• C) 14.1
• D) 10

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Definitions:

Labor Demand Data

Statistical information that reflects the amount of labor that employers are willing and able to hire at different wage rates.

Labor Market

The marketplace where labor services are bought and sold, involving employers seeking to hire and workers seeking employment.

Monopsonistic

A market situation where there is only one buyer for many sellers, giving the buyer significant power over prices and terms.

Long-Run Trend

A sustained movement in data over a long period, often used in the context of economic performance or growth rates.