Complete this assignment and submit all of your work to the dropbox associated with the lesson. Grace's Ice Cream Shop sells only mint and raspberry ice cream. Each week, Grace puts either mint ice cream or raspberry ice cream on sale. She is trying to figure out which ice cream she should put on sale this week. Grace gets all of her business from people who walk by her ice cream shop and stop in. She performs some market research and asks 1000 different people if they would purchase mint ice cream, raspberry ice cream, or no ice cream if they walked by and raspberry ice cream was on sale. She does the same for mint ice cream being on sale. This week a total of 200 people will walk by Grace's Ice Cream Shop. If necessary, round your answers to the nearest cent. The following table shows the profit for each type of The following table shows the results from her ice cream depending on which ice cream Grace market research. puts on sale. Mint on sale Raspberry on sale Customer choice Mint on sale Raspberry on sale Profit from mint $3.00 $4.00 Mint 305 219 Profit from raspberry $3.00 $2.50 Raspberry 314 501 No ice cream 381 280 Total 1000 1000 1. What is Grace's expected profit if she puts mint 2. What is Grace's expected profit if she puts ice cream on sale? Tip: Make a probability raspberry ice cream on sale? Tip: Make a distribution table to organize your information. probability distribution table to organize your information. Page 1 of 4 557 words Text Predictions: On Accessibility: Investigate "D Focus + 10061. What is Grace's expected profit if she puts mint What is Grace's expected profit if she puts ice cream on sale? Tip: Make a probability raspberry ice cream on sale? Tip: Make a distribution table to organize your information. probability distribution table to organize your information. 3. To maximize her expected profit, Grace should put ice cream on sale. Page 1 of 4 557 words Text Predictions: On Accessibility: Investigate " Focus + 100%Michelle is playing a game of rock-paper-scissors with Patrick. The loser of the game will pay the winner $20. In the game of rock-paper-scissors, each player chooses either rock, paper, or scissors simultaneously. A winner is decided by the following rules: rock beats scissors, scissors beats paper, and paper beats rock. If both players make the same choice, then the game is a tie. Michelle is trying to decide between playing either paper or rock. Based on previous games, she knows that Patrick will make his choice according to the probabilities in the table below. Patrick's choice Probability Rock 35% Paper 35% Scissors 30% 4. What are Michelle's expected winnings if she 5. What are Michelle's expected winnings if she chooses paper? Round your answer to the chooses rock? Round our answer to the nearest nearest dollar. Tip: Make a probability distribution dollar. Tip: Make a probability distribution table to table to organize your information. organize your information. Page 2 of 4 557 words Text Predictions: On Accessibility: Investigate " Focus 100%4. What are Michelle's expected winnings if she 5. What are Michelle's expected winnings if she chooses paper? Round your answer to the chooses rock? Round our answer to the nearest nearest dollar. Tip: Make a probability distribution dollar. Tip: Make a probability distribution table to table to organize your information. organize your information. 6. If Michelle wants the best payoff in the long run, she should choose Page 2 of 4 557 words Text Predictions: On Accessibility: Investigate " Focus 100%Below are the costs for different insurance plans for 2 companies. Pick the row that best describes your driving habits: Prior Accidents, Prior Traffic Tickets, or Clean Record. Calculate the total cost for each insurance plan for your specific history, state the company you would choose, and explain why. (If you do not have your driver's license, then you may ask a parent or another adult how they would best describe their driving habits.) COMPANY A COMPANY B If You Have Prior Accidents: Yearly Cost $3300; If You Have Prior Accidents: Yearly Cost $3000; $500 Deductible $500 Deductible Costs Probability Costs Probability Nothing Happens: 25% Nothing Happens: 25% Minor Accident: 45% Minor Accident: 40% Major Accident: 30% Major Accident: 35% If You Have Prior Traffic Tickets: Yearly Cost $2300: If You Have Prior Traffic Tickets - Yearly Cost $2300: $600 Deductible $500 Deductible Cost Probability Costs Probability No Claims - 60% No Claims: 55% Minor Accident: 30% Minor Accident: 32% Major Accident 10% Major Accident: 13% If You Have No Prior History: Yearly Cost $2000: If You Have No Prior History: Yearly Cost $2000; $500 Deductible $600 Deductible Costs Probability Costs Probability No Claims: 93% No Claims: 90% Minor Accident: 6% Minor Accident: 8% Major Accident : 1% Major Accident: 2% Helpful Information: The yearly cost is something you will have to pay no matter what. The deductible is something you will have to pay if you have any type of accident (major or minor). Use this information to create probability distributions for each company and your chosen driving record to help you answer the question below. Page 3 of 4 557 words Text Predictions: On Accessibility: Investigate " Focus 100%Which company would you choose and why? Be sure to show all of your calculations that lead to your decision. Page 3 of 4 557 words Text Predictions: On Accessibility: Investigate " Focus 100%