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
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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.
