Interpret the Mean of a Discrete Random Variable as an Expected

question 78

Multiple Choice

Interpret the Mean of a Discrete Random Variable as an Expected Value
-Mamma Temte bakes six pies a day that cost $\$ 2$ each to produce. On $31 \%$ of the days she sells only two pies. On $39 \%$ of the days, she sells 4 pies, and on the remaining $30 \%$ of the days, she sells all six pies. If Mama Temte sells her pies for $\$ 5$ each, what is her expected profit for a day's worth of pies? [Assume that any leftover pies are given away.]

• A) \(\$ 7.90\)
• B) \(\$ 19.90\)
• C) \(- \$ 7.00\)
• D) \(- \$ 8.02\)

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Definitions:

Personnel Supply

The availability of qualified and interested candidates in the labor market that an organization can recruit and hire to meet its workforce needs.

Vacancy Model

A conceptual model used to analyze and predict the impacts of job vacancies within an organization's structure and operations.

Top-Down

Describes an approach or management style where decisions and policies are initiated by the highest level of authority and then passed down through the ranks.

Markov Model

A stochastic model used to predict future states or outcomes based on current conditions and probabilistic transitions between states.