Statistics Solutions

(Solution Library) A young entrepreneur holds a bake sale outside of his house every Saturday. He sells glasses of fresh squeezed lemonade for $0.75 and

Question: A young entrepreneur holds a bake sale outside of his house every Saturday. He sells glasses of fresh squeezed lemonade for $0.75 and brownies for $1.25. He has been doing this for about a year and has kept careful records of his sales. The number of glasses of lemonade he sells averages out to 25 and has a standard deviation of 5. The number of brownies he sells averages out to 18 and has a standard deviation of 6.

  1. Find his average revenue.
  2. Assuming that sales of lemonade and sales of brownies are independent, find the standard deviation in his revenue.

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Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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