QUESTION

Pablo is thinking of opening a pizza stall in an upcoming local carnival. Based on past experience, he estimates the probability distribution of the...

Probability

0.03

0.18

0.21

0.26

0.14

0.11

0.07

Pablo sells a pizza at a price of $12. His costs include a fixed cost of$35 for renting a pizza oven and the cost of raw materials for preparing each pizza is $5. (a) Calculate the probability of selling more than 22 pizzas in a day. (2 marks) (b) What is the probability that Pablo will make a profit of more than$100 in a day?

(3 marks)

Question 02 (5 marks)

This question has three parts. Attempt all of them.

GDP data (in billion USD) for eight OECD countries across 3 consecutive years are recorded in the following table (you will find the same data in STA510 Data1.xlsx)