Question

Suppose that each drink costs $4.50. Calculate the amount of money made from 1 drink sale, 2 drink slaes, 3 drink sales, and 4 drink sales. Let Y = the amount of money a customer spends on drinks in a night.

1. Money spent on 1 drink

2. Money spent on 2 drinks

3. Money spent on 3 drinks

4. Money spent on 4 drinks

5. Caluclate the expected amount of money spent per person. Round to 2 decimal places.

6. Calculate the standard deviation of the amount of money spent per person

Answer 1

1.   Money spent on 1 drink = 4.50

2.   Money spent on 2 drink = 4.50 X 2 = 9.00

3. Money spent on 3 drink = 4.50 X 3 = 13.50

4. Money spent on 3 drink = 4.50 X 4 = 18.00

5.

x	Frequency (f)	f.x	f.x2
1	4.5	4.5	4.5
2	9	18	36
3	13.5	40.5	121.5
4	18	72	288
Total =	n = 45

Expected amount of money spent per person. =

6.

the standard deviation of the amount of money spent per person is given by:

So,

Answer is:

1.01