Describe the model for the total cost

Reference no: EM131418105

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You're thinking about getting two dogs and a cat. Assume that annual veterinary expenses are independent and have a Normal model with the means and standard deviations described in given Exercise.

a) Define appropriate variables and express the total annual veterinary costs you may have.

b) Describe the model for this total cost. Be sure to specify its name, expected value, and standard deviation.

c) What's the probability that your total expenses will exceed $400?

Exercise :
Pets. The American Veterinary Association claims that the annual cost of medical care for dogs averages $100, with a standard deviation of $30, and for cats averages $120, with a standard deviation of $35.

a) What's the expected difference in the cost of medical care for dogs and cats?

b) What's the standard deviation of that difference?

c) If the difference in costs can be described by a Normal model, what's the probability that medical expenses are higher for someone s dog than for her cat?

Reference no: EM131418105

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