SOLUTION: A lab orders a shipment of 100 rats a week, 52 weeks a year, from a rat supplier for experiments that the lab conducts. Prices for each weekly shipment of rats follow the distrib

Question 366940: A lab orders a shipment of 100 rats a week, 52 weeks a year, from a rat supplier for experiments that the lab conducts. Prices for each weekly shipment of rats follow the distribution below:
Price 10 12.50 15.
Probability 0.2 0.3 0.5
How much should the lab budget for the next year's rat orders assuming this distribution does not change. Find the expected price.
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
The expected price is equal to 10*0.2 + 12.50*0.3 + 15*0.5 = 13.25, this is the expected price for the weekly shipment of rats.
RELATED QUESTIONS
A lab orders a shipment of 100 frogs each week. Prices for the weekly shipments of frogs... (answered by ikleyn)

Dr. Marvin Mindfog is worried about the intellectual abilities of his newly arrived white (answered by Boreal)

a certain insecticide kills 50% of all insects in lab experiments a sample of 11 insects... (answered by ewatrrr)

suppose that a machine shop orders 400 bolts from a supplier. to determine whether to... (answered by Fombitz)

Micbonne is studying the metabolic rate of rats and determines that, for every degree... (answered by Boreal)

A car company orders windscreens from a supplier whose quality control procedures... (answered by ewatrrr)

the times per week a student uses a lab computer are normally distributed with the mean... (answered by stanbon)

A cage contains six rats, two of them are white (W) and four of them are brown (B). A... (answered by Edwin McCravy)

A local company has a policy that it will reject a shipment of parts from its supplier... (answered by stanbon)