An ice cream parlor serves ice cream cones, milkshakes, and waffles with ice cream. The cost of an ice cream cone is $1.20, the cost of a milkshake is $2.00, and the cost of a waffle with ice cream is $3.50. If 50% of the customers choose an ice cream cone, 30% choose a milkshake, and 20% choose a waffle with ice cream, what is the expected value of the cost of one item served at the parlor?

$0.99

$1.00

$1.90

$2.00

Question

Mathematics

Orlando Kaiser

19 June, 13:11

An ice cream parlor serves ice cream cones, milkshakes, and waffles with ice cream. The cost of an ice cream cone is $1.20, the cost of a milkshake is $2.00, and the cost of a waffle with ice cream is $3.50. If 50% of the customers choose an ice cream cone, 30% choose a milkshake, and 20% choose a waffle with ice cream, what is the expected value of the cost of one item served at the parlor?

$0.99

$1.00

$1.90

$2.00

+5

Answers (1)

Know the Answer?

Caitlyn Hopkins · Answer 1

Expected value = Sum of Probability * Cost of each ice cream.

Expected value

= 50% * $1.20 + 30% * $2.00 + 2 0% * $3.50

= 0.50 * $1.20 + 0.30 * $2.00 + 0.2 0 * $3.50

= $1.90

Expected value of the cost of one ice cream = $1.90