Question

At a certain restaurant, 35 percent of the customers order the daily special each day. Assume that each day the customers arrive randomly and order independently. Let the random variable X represent the number of orders placed until the first daily special is ordered. The distribution of X is geometric and has an expected value of approximately 2.86. Which of the following is the best interpretation of the expected value?
A. Each day, 3 customers will order the daily special.
B. Over many days, the average number of customers ordering the daily special is approximately 2.86.
C. Over many days, it takes about 2.86 orders, on average, to be placed until the first daily special is ordered.
D. For a random sample of the days, the average number of orders of the daily special will be 2.86.
E. Each day, the ratio of the number of orders of the daily special to the number of orders of other menu items is about 2.86 to 1.

Answer 1

Answer:

Answer:

Stock A daily average change in price for one share = -$2.16

Stock B daily average change in price for one share = -$1.45

Stock C daily average change in price for one share = -$1.43

Step-by-step explanation:

Since we desire to find the price of each stock per day or its daily average change in price for one share, we divide the price change of one share of stock by the total number of days it took to change.

So for stock A, daily average change = price change/number of days

price change = -$4.32, number of days = 2

daily average change  =  -$4.32/2 =  -$2.16

for stock B, daily average change = price change/number of days

price change = -$5.80, number of days = 4

daily average change  =  -$5.80/4 =  -$1.45

for stock C, daily average change = price change/number of days

price change = -$2.86, number of days = 2

daily average change  =  -$2.86/2 =  -$1.43

Step-by-step explanation:

Answer 2

Answer:

C. Over many days, it takes about 2.86 orders, on average, to be placed until the first daily special is ordered.

Step-by-step explanation:

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