Question 1077281: Please help me solve this problem:
How can I solve question b,
Giovanni is thinking of opening a pizza stall in an upcoming local carnival. Based on past experience he estimates the probability distribution of the number of pizzas he will sell each day. The probability distribution is given in the table below:
Number of Pizza 18 19 20 21 22 23 24
Probability 0.03 0.18 0.21 0.26 0.14 0.11 0.07
Giovanni sells a pizza at a price of $12. His costs include a fixed cost of $50 for renting a pizza oven and the cost of raw materials for preparing each pizza is $5.
(a) Calculate the probability of selling less than 20 pizzas in a day.
(b) What is the probability that Giovanni will make a profit of more than $100 in a day?
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! Selling fewer than 20 pizzas is 0.19, the probability of selling 18 or 19.
He makes in profit $7 on each pizza, because it costs him $5 to make one and he gets $12 to sell it. That is where the $7 profit comes from.
To make > $100 a day, he has to also make $50 for the overhead. x=pizzas, and 12x>$50+5x+100
7x > 150
x >=22
Probability of selling 22 or more is 0.32.
|
|
|
