The probability distribution for the daily sales at Michael's Co. is given below. Daily Sales (In $1,000s) Probability 40 0.1 50 0.4 60 0.3 70 0.2 The expected daily sales are:$ (Write answer with no decimal places and as a DOLLAR value, i. e. input 2000 to represent $2,000).

Using the discrete distribution given, it is found that the expected daily sales are: $56000.

In this problem, the distribution is:

Hence, the expected value is:

The expected daily sales are: $56000.

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The expected daily sales are: $ 56,000

Step-by-step explanation:

According to the information provided, expected daily sales are:

Multiplying each range of sales by its probability:

40,000 * 0.1 = 4,000

50,000 * 0.4 = 20,000

60,000 * 0.3 = 18,000

70,000 * 0.2 = 14,000

In consequence, we add up the values from above to calculate the expected daily sales amount:

Expected daily sales = 4,000 + 20,000 + 18,000 + 14,000

Expected daily sales = 56,000

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step-by-step explanation:

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