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? ‘ Number of Students Dollars spent on lunch each day 2 = 2/50 = 0.04 $10 1 = 1/50 = 0.02 $8 12 = 12/50 = 0.24 $6 23 = 23/50 = 0.46 $5 8 = 8/50 = 0.16 $4 4 = 4/50 = 0.08 $3

Answer 1

The expected value for a student to spend on lunch each day = $5.18

Explanation:

Given the data:

Number of students______$ spent

2 students______________$10

1 student________________$8

12 students______________$6

23 students______________$5

8 students_______________$4

4 students_______________$3

Sample size, n = 50.

Let's first find the value on each amount spent with the formula:

`(num. of students)/(sample size) * dollar spent`

Therefore,

For $10:

`(2)/(50) * 10 = 0.4`

For $8:

`(1)/(50) * 8 = 0.16` l

For $6:

`(12)/(50) * 6 = 1.44`

For $5:

`(23)/(50) * 5 = 2.3`

For $4:

`(8)/(50) * 4 = 0.64`

For $3:

`(4)/(50) * 3 = 0.24`

To find the expected value a student spends on lunch each day, let's add all the values together.

Expected value =

$0.4 + $0.16 + 1.44 +$2.3 + $0.64 + $0.24

= $5.18

Therefore, the expected value for a student to spend on lunch each day is $5.18