Hi, I'm currently stuck on a homework question and I was hoping if I could get some help.
Group A has 50% chance of ordering french fries (price: $5), 40% chance of ordering milkshake (price: $6), and 10% chance of ordering a burger (price: $7) .
Group B has 30% chance of ordering french fries (price: $5), 30% of chance of ordering a milkshake (price: $6), and 10% chance of ordering a burger (price: $7) .
What is the average revenue per group?
Not sure if my work is correct: Avg revenue for Group A: ($5 * 50%) + ($6 * 40%) + ($7 *10%) = $5.6.
Avg revenue for Group B: ($5 * 30%) + ($6 * 30%) + ($7 *10%)
Group A has 50% chance of ordering french fries (price: $5), 40% chance of ordering milkshake (price: $6), and 10% chance of ordering a burger (price: $7) .
Group B has 30% chance of ordering french fries (price: $5), 30% of chance of ordering a milkshake (price: $6), and 10% chance of ordering a burger (price: $7) .
What is the average revenue per group?
Not sure if my work is correct: Avg revenue for Group A: ($5 * 50%) + ($6 * 40%) + ($7 *10%) = $5.6.
Avg revenue for Group B: ($5 * 30%) + ($6 * 30%) + ($7 *10%)