question archive A buyer is planning to purchase a franchise to sell decorations for the home
A buyer is planning to purchase a franchise to sell decorations for the home
Subject:StatisticsPrice:2.87 Bought7
A buyer is planning to purchase a franchise to sell decorations for the home. The table to the right Weekly Profit Number Who Earned This shows average weekly profits, rounded to the nearest hundred, for a number of the current franchises. If the buyer were to purchase a franchise, what would the expected weekly profit be?
100 dollars 4
200 dollars 14
300 dollars 11
400 dollars 6
500 dollars 12
600 dollars 4
The expected weekly profit is |dollars. (Round to the nearest cent as needed.)
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Answer:
The expected profit is given by the formula
Σxf(x) / Σx
(4*100 + 200*14+ 11*300 + 6*400 +12*500 + 600*4)/(4+14+11+6+12+4)
=17,300/51
=339.22 dollars
