A company decided to sell chocolates bars at the value of the weighted mean of price. How do i calculate weighted mean of price using sales as the weight? For how much should the company sell its chocolate bar? for example
Price Sales
2.50 125
3.75 316
4.25 471
5.10 128

Question

A company decided to sell chocolates bars at the value of the weighted mean of price. How do i calculate weighted mean of price using sales as the weight?  For how much should the company sell its chocolate bar? for example
Price    Sales
2.50    125
3.75    316
4.25    471
5.10    128

dumbcow · Answer

total sales =  1040

the weight is the percentage of sales each price sells at, for example $2.50 weight is 125/1040

--> P = 2.5(125/1040) + 3.75(316/1040) + 4.25(471/1040)+5.10(128/1040)

anonymous · Answer

so whats the weighted mean of price?

dumbcow · Answer

whatever that sum comes out to be...i indicated it with a P

anonymous · Answer

oh thank you so much :)

anonymous · Answer

quick question. for how much should the company sell its chocolate bars?