Homework Answers
(a) Expected Daily Lemonade Sales =
= 0.4 x 80 + 0.4 x 100 + 0.2 x 120 = $ $ 96
(b) Expected Daily Ice-Cream Sales = 0.4 x 20 + 0.4 x 100 + 0.2 x 180 = $ 84
(c) Covariance = [ 0.4 x (80 - 96) x (20 - 84) + 0.4 x (100 - 96) x (100 - 84) + 0.2 x (120 - 96) x (180 - 84) ] ^(1/2) = [896]^(1/2) = 29.93 %
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Daily sales of lemonade and ice cream at your new stand depend on the day's temperature...
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Case Overview:
You are an intelligent ten-year-old child who wants to start a
lemonade stand. You live in Duluth, Minnesota in a middle class
neighborhood, with all of the benefits and constraints of a typical
child of that age. As a start, you have outlined three possible
business plans:
Fresh Squeezed Plan:
Your mother has agreed to loan you $5 to get your fresh squeezed
lemonade stand started and she will let you use her lemon squeezer
at no charge,...
REGRESSION ANALYSIS The owner of large chain of ice-cream stores would like to study the effect of atmospheric temperature on sales during the summer season. Temperature is the independent variable. A random sample of 21 days is selected with the results given as follows: DAILY HIGH SALES PER STORE (Y) TEMPERATURE (X) (F) DAY 48 25000 2 28000 60 3 63 28500 4 75 30500 5 80 33600 82 32500 6 7 85 36800 8 88 39000 41000 9 90...
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