A busy municipal golf driving range prepares 300 hotdogs daily. For a variety of reasons, the daily demand for hotdogs varies as follows:
$\begin{array}{ll}\text { Demand Units }&\text { Probability }\
150 & 0.15 \
200 & 0.20 \
250 & 0.60 \
30 n & 0.05
\end{array}$
a. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day three using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
b. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day eight using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
c. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the average daily demand for hotdogs using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.

Question

A busy municipal golf driving range prepares 300 hotdogs daily. For a variety of reasons, the daily demand for hotdogs varies as follows:
 $\begin{array}{ll}\text { Demand Units }&\text { Probability }\
150 & 0.15 \
200 & 0.20 \
250 & 0.60 \
30 n & 0.05
\end{array}$ 
a. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day three using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
b. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day eight using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
c. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the average daily demand for hotdogs using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.

Quizplus · Accepted Answer

The Answer of A busy municipal golf driving range prepares 300 hotdogs daily. For a variety of reasons, the daily demand for hotdogs varies as follows:
 $\begin{array}{ll}\text { Demand Units }&\text { Probability }\
150 & 0.15 \
200 & 0.20 \
250 & 0.60 \
30 n & 0.05
\end{array}$ 
a. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day three using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
b. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the range's profit or loss on hotdogs for day eight using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.
c. If the hotdogs sell for $1.50 each and cost $0.80 each, determine the average daily demand for hotdogs using the following random numbers: 00, 59, 02, 97, 69, 98, 93, 49, 51, and 92.