Question

Based on the data provided, which type of transaction is likely to bring in the most income during the next two-week transaction period?

Answer 1

The table gives sales data for a stationery store in any given two weeks. It lists the probability of the number of items purchased in a single transaction and the average amount spent per transaction.

Answer 2

a transaction with two items
a transaction with three items
a transaction with four items
a transaction with five or more items

Answer 3

Can anyone help? Please?

Answer 4

Over some time you can see the one with the higher probability and higher cost will bring in the most, just by examination which do you think it is?

Answer 5

I'm thinking it is a transaction with two terms.

Answer 6

Well there are 2 transaction with high probability,
2 and 4 but which of those brings in more money?

Answer 7

4?

Answer 8

Correct it is very close to the probability of 2 and it brings in higher amount of income.

Answer 9

So the answer is 4?
Are you sure?

Answer 10

Correct 4 and 2 will occur the most but 4 will bring in the most income.

Answer 11

Omg! Thank you, do you mind helping me with one more?

Answer 12

I can attempt!, yes.

Answer 13

Based on the data provided, what is the probability that a patient treated under plan A will show remission?

Answer 14

The possible answers are

0.55
0.40
0.75
0.60

Answer 15

It says the patient will show remission rate at 40% for Doxo and it will show 25% for doce so 35% is not accounted for.

Answer 16

Okay...I'm still kind of confused.

Answer 17

Seems like 40% is the remission rate so as a probability out of 100 the remission rate stands as 40%/100%

Answer 18

So it's 40%?

Answer 19

You need to find the probability out of all possible possibilities so out of 100

Answer 20

\[\frac{ 40 }{ 100 }\]

Answer 21

40 divided by 100 is .4

Answer 22

Correct, That is your probability out of all possibilities.

Answer 23

So the answer is 0.40?

Answer 24

Correct!

Answer 25

that was wrong :c

Answer 26

I must have made a mistake somewhere.

Answer 27

If all the possibilities are just the 40% and 25% then our probability out of all possibilities would be
40%/65% = 0.615384 = 0.62

Answer 28

Did not use that value because it had the 0.02 but they might have wanted a rounded answer?

Answer 29

Rounded to the nearest tenth, you will have 0.60 when using that as the probability.

Answer 30

Okay, I wrote that down. I probably need some more practice.

Answer 31

Practice is a good idea.

Answer 32

How about this one?

Answer 33

We note that the prices are very similar so the one that occurs often should be the one to bring in the most income during the month.

Answer 34

Yeah, that's what's really confusing me..

Answer 35

Look at the one with the higher probability, it means it will occur most often.

Answer 36

Is it 2?

Answer 37

Correct

Answer 38

Thank you!
How about this one?

Answer 39

Not entirely sure on that question.

Answer 40

Uh oh...

Answer 41

25% of the time the 825$ treatment works
If not then the 1000$ treatment is next and works 40% of the time.

Answer 42

Do you have an idea what it could be?

Answer 43

No I am trying different ways but none seem to get me where I want to be.

Answer 44

It's either A, B or C

Answer 45

What are you currently studying?

Answer 46

Prob and stats.

Answer 47

@jcpd910

Answer 48

Okay, not familiar with the formulas and rules for Probability and Statistics.
It is asking per patient, if we assume a number of patients we might be able to find out the answer.

Answer 49

Okay. Because I have no idea what the answer is.

Answer 50

Yeah, I'm not familiar with this either. Maybe @dan815

Answer 51

We know there are only 2 different treatments so a probability of 1 of our patients being under plan B is 0.5

Answer 52

That's what I got but it's not one of the answers.

Answer 53

Do you think it could be $850?

Answer 54

There is a 25% chance that it works and its per patient so we are looking for an average

Answer 55

I'm so confused...

Answer 56

Out of all the patients.
Plan B patients probability,
\[\frac{ 0.25 }{ 0.65 } = 0.3846 \]

Plan A probability
\[\frac{ 0.40 }{ 0.65 } = 0.61538\]

If we know that those who will only need the 850$ treatment is 0.3846 and those who will need the 850$ and 1000% treatment because the first will not work is 0.61538

Answer 57

I just need a really good educated guess because I have to go to the next problem.

Answer 58

So per patient I believe we will have,

For those stopping at treatment 1,
\[850 \times 0.3846 = 326.92\]

For those needing further treatment,
\[1850 \times 0.61538 = 1138.46\]

Answer 59

Adding those up we get 1465.38

Answer 60

Not sure but it looks closest to 1,510.

Answer 61

Sorry I could not be of much help with this problem.

Answer 62

It's okay, how about this one?

Answer 63

Not at all, sorry.

Answer 64

Re-post the question so someone available and knows it might see it.