Question

The marketing club at school is opening a student store. They randomly survey 50 students about how much money they spend on lunch each day. What is the expected value for a student to spend on lunch each day? Student Lunch Survey Number of Students Dollars Spent on Lunch Each Day 2 $10 1 $8 12 $6 23 $5 8 $4 4 $3 $2.59 $5.18 $6.00 $9.07

Answer 1

c

Explanation:

Answer 2

$5.18

Explanation:

To find the expected value, we multiply each probability by its value and add them together.

There were 2 students who spent $10; this makes the probability 2/50 and its value is $10. This gives us 2/50(10) = 20/50.

There was 1 student who spent $8; this makes the probability 1/50 and its value is $8. This gives us 1/50(8) = 8/50.

There were 12 students who spent $6; this makes the probability 12/50 and its value is $6. This gives us 12/50(6) = 72/50.

There were 23 students who spent $5; this makes the probability 23/50 and its value is $5. This gives us 23/50(5) = 115/50.

There were 8 students who spent $4; this makes the probability 8/50 and its value is $4. This gives us 8/50(4) = 32/50.

There were 4 students who spent $3; this makes the probability 4/50 and its value is $3. This gives us 4/50(3) = 12/50.

Now we find the sum:

20/50 + 8/50 + 72/50 + 115/50 + 32/50 + 12/50

= 28/50 + 72/50 + 115/50 + 32/50 + 12/50

= 100/50 + 115/50 + 32/50 + 12/50

= 215/50 + 32/50 + 12/50

= 247/50 + 12/50

= 259/50

= $5.18