On a good day,Joe will sell an average of $50,000 of product.On a medium day he will sell $25,000 and on a bad day he will sell only $10,000.Suppose you observe Joe's business for 100 days and,during that time,he had 15 good days,40 medium days and 45 bad days.If you draw a random number to represent his sales for the first simulated day and that number were 47,what kind of simulated day did Joe's business have? (Note: arrange the random number interval probability distribution so it starts with a good day at 00 followed by a medium day,etc. )
A)A good day
B)A medium day
C)A bad day
D)Can not be determined
E)Between medium and bad

Question

Quizplus · Accepted Answer

To determine the kind of simulated day Joe's business had, we need to compare the given random number 47 with the intervals of the probability distribution for each type of day.

The probability distribution can be represented as:

Good day: 00-49 
Medium day: 50-74 
Bad day: 75-99

Since the given random number 47 falls within the interval for a medium day (50-74), we can conclude that Joe's business had a simulated medium day. Therefore, the correct choice is B) A medium day.

On a Good Day,Joe Will Sell an Average of $50,000