Construct Probability Histograms
-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:
$\begin{array}{l|ccc}
\text { Price } & \$ 10.00 & \$ 12.50 & \$ 15.00 \
\hline \text { Probability } & 0.2 & 0.15 & 0.65
\end{array}$
Suppose the mean cost of the rats turned out to be $13.63 per week. Interpret this value.
A) The average cost for all weekly rat purchases is $13.63.
B) Most of the weeks resulted in rat costs of $13.63.
C) The median cost for the distribution of rat costs is $13.63.
D) The rat cost that occurs more often than any other is $13.63.

Question

Construct Probability Histograms
-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:
$\begin{array}{l|ccc}
\text { Price } & \$ 10.00 & \$ 12.50 & \$ 15.00 \
\hline \text { Probability } & 0.2 & 0.15 & 0.65
\end{array}$
 Suppose the mean cost of the rats turned out to be $13.63 per week. Interpret this value.
A) The average cost for all weekly rat purchases is $13.63.
B) Most of the weeks resulted in rat costs of $13.63.
C) The median cost for the distribution of rat costs is $13.63.
D) The rat cost that occurs more often than any other is $13.63.

Quizplus · Accepted Answer

The mean cost of $13.63 per week represents the average cost across all weekly purchases of rats, taking into account the different prices and their associated probabilities. It does not imply that this cost was the most frequent (mode) or the middle value (median) of the distribution.