Question

The table gives sales data for a stationery store in any given two weeks. It lists the probability of the number of items purchased in a single transaction and the average amount spent per transaction. Items Purchased in a Single Transaction Probability Average Amount Spent 2 0.35 $12 3 0.17 $20 4 0.33 $28 5 or more 0.15 $36 Based on the data provided, transactions with items are likely to bring in the most income during the next two-week transaction period.

Answer 1

Based on the data provided, transactions with 4 items are likely to bring in the most income during the next two-week transaction period.

Answer 2

From the given data:

Number of items | Probability of being purchased | Average amount spent
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2 | 0.35 | $12
3 | 0.17 | $20
4 | 0.33 | $28
5 or more | 0.15 | $36

In a sample space of 100 items being purchased, in a day:

For 2 items: 35 (12) = 420
For 3 items: 17 (20) = 340
For 4 items: 33 (28) = 924
For 5 or more items: 15 (36) = 540

If this sample trend would go on the for the next two weeks, then the transaction with 4 items would most likely bring in the most income during the said transaction period.