The manager of a sandwich shop gathers data on what people spend on lunch on a particular day of the week.
The results are $4.20, $4.22, $2.35, $4.32, $5.25, $6.48, $6.78, $8.59, $6.95, $5.52, $6.83, $7.35, $4.36, $9.39, $6.42.
To the degree that this represents the population of all those who eat lunch at sandwich shops, what percentage of customers spend:
- less than $4.34?
- between $3.50 and $4.80?
- less than $2.35?
Imagine that you are the manager of a sandwich shop. Based on your calculations, what do you think is the best pricing point for your shop? What would you do to increase sales at the sandwich shop?
For additional information on calculating probability refer to the Week One Recommended Resources.