Questions: Consider the chart below. Which of the following statements is correct? Average Revenue = 1.00 Average Atvenue = 2.25 Average Revenue = 2.00 Average Revenue = 2.50

Solution Steps

We are given a set of revenue values: \[ \{1.00, 2.25, 2.00, 2.50\} \]

To find the average revenue \( \mu \), we use the formula for the mean: \[ \mu = \frac{\sum_{i=1}^N x_i}{N} \] where \( N \) is the number of data points. In this case, \( N = 4 \) and the sum of the revenues is: \[ \sum_{i=1}^N x_i = 1.00 + 2.25 + 2.00 + 2.50 = 7.75 \] Thus, the mean is calculated as: \[ \mu = \frac{7.75}{4} = 1.9375 \]

Rounding \( \mu \) to two decimal places gives us: \[ \mu \approx 1.94 \]

We compare the calculated average revenue \( 1.94 \) with the provided statements:

• Average Revenue \( = \$ 1.00 \)
• Average Revenue \( = \$ 2.25 \)
• Average Revenue \( = \$ 2.00 \)
• Average Revenue \( = \$ 2.50 \)

Since \( 1.94 \) does not match any of the provided statements, we conclude that none of the statements are correct.

Final Answer