Question

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

Answer 1

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

Expected value

=  50%* $1.20 + 30%* $2.00 + 20%* $3.50

=  0.50* $1.20 + 0.30* $2.00 + 0.20* $3.50

= $1.90

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

Answer 2

The expected value of the cost of one ice cream is $1.90.

Given that, 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.

What is the expected value?

In probability theory, the expected value is a generalization of the weighted average. Informally, the expected value is the arithmetic mean of a large number of independently selected outcomes of a random variable.

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

Expected value = 50% of $1.20 + 30% of $2.00 + 20% of $3.50

=  0.50× 1.20 + 0.30× 2.00 + 0.20× 3.50

= $1.90

Therefore, the expected value of the cost of one ice cream is $1.90.

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