Suppose that a local second hand store is selling grab bags for $20 each in order to get rid of excess stock. They have created a total of 300 grab bags, most of which contain various items worth $15 in total. However, there are 40 grab bags which contain items worth $40 in total, 20 grab bags worth $60 in total, and a single grab bath worth $120 in total. Suppose you purchase one grab bag. Let X be the monetary value of a grab bag.
a.Create a discrete probability distribution for X.
b.Find and interpret the mean for X.
c.Find the standard deviation for X
d.Is it worthwhile to purchase a grab bag? Justify your answer.
Suppose that a local second hand store is selling grab bags for $20 each in order...
11. Grab Bags A convenience store has made up 20 grab! bag gifts and is offering them for $2.00 a bag. Ten bags! contain merchandise worth $1.00. Six bags contain mer- chandise worth $2.00, and four bags contain merchan- dise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?
A convenience store has made up 40 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Ten bags contain merchandise worth $2.00 and Twenty bags contain merchandise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss? [2 marks] $0.25 O-30.25 O $2.20 -$2.20