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A discount cookie store pays either $1.00, $1.25, $1.50, or $1.75 per lb. with equal probabilities (0.25 each) based on their requirements. Answer following two
A discount cookie store pays either $1.00, $1.25, $1.50, or $1.75 per lb. with equal probabilities (0.25 each) based on their requirements.
Answer following two questions.
17
Creating sequential ranges, what is the range of random numbers for discount price of $1.25?
Select one:
a. 0.0 to 1.50
b. 0.0 to 0.25
c. 0.25 to 0.50
d. 0.50 to 0.75
18
What is the average price paid for cookies per lb. by the discount store? (Note: Calculate expected value or run 100 simulation trials.)
Choose closest answer.
Select one:
a. $1.22
b. $1.38
c. $1.52
d. $1.68
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