The probability distribution for the daily sales at Michael's Co. is given below. Daily Sales (In $1,000s) Probability 40 0.1 50 0.4 60 0.3 70 0.2 The expected daily sales are:$_______ (Write answer with no decimal places and as a DOLLAR value, i.e. input 2000 to represent $2,000).

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roundadworthy roundadworthy · Answer 1 · 2020-03-21T13:33:41+01:00

Answer:

The expected daily sales are: $ 56,000

Step-by-step explanation:

According to the information provided, expected daily sales are:

Multiplying each range of sales by its probability:

40,000 * 0.1 = 4,000

50,000 * 0.4 = 20,000

60,000 * 0.3 = 18,000

70,000 * 0.2 = 14,000

In consequence, we add up the values from above to calculate the expected daily sales amount:

Expected daily sales = 4,000 + 20,000 + 18,000 + 14,000

Expected daily sales = 56,000

joaobezerra joaobezerra · Answer 2 · 2022-01-04T12:49:47+01:00

Using the discrete distribution given, it is found that the expected daily sales are: $56000.

The expected value of a discrete distribution is given by the sum of each outcome multiplied by it's respective probability.

In this problem, the distribution is:

[tex]P(X = 40) = 0.1[/tex]

[tex]P(X = 50) = 0.4[/tex]

[tex]P(X = 60) = 0.3[/tex]

[tex]P(X = 70) = 0.2[/tex]

Hence, the expected value is:

[tex]E(X) = 40(0.1) + 50(0.4) + 60(0.3) + 70(0.2) = 56[/tex]

The expected daily sales are: $56000.

To learn more about the expected value of a discrete distribution, you can take a look at https://brainly.com/question/24855677