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Let X be a discrete random variable that is the value shown on a single roll of a fair die.
(a) Represent the probability density function f(x) in a tabular form(b) What is the probability that X=4? That X=4 of X=5?(c) What is the expected value of X? Explain the meaning of E(X) in this case(d) Find the expected value of X^2(e) Find the variance of X(f) Obtain a die. Roll it 20 times and record the values obtained. What is the average of the first 5 values? The first 10? What is the average of the 20 rolls?
Cindy consumes goods x and y. Her demand for x is given by x(px, m) = 0.05m -5.15px. Now her income is $419, the price of x is $3, and the price of y is $1. b. Compute the demand of x under the new price.
Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50
a. Find the IRR (Internal Rate of Return) on the incremental cash flow. For an MARR (Minimal Acceptable Rate of Return) of 15%, which one would you select b. Calculate the present worth on total investment for MARR = 12%(Minimal Acceptable Rate of ..
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
The retailer, in turn, brings in $160,000 from selling the bulbs directly to final customers. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year
What is the marginal product of the third worker What is the marginal revenue product of the second worker What is the marginal cost of the fourth worker Based on your knowledge of marginal analysis, how many workers should you hire
data collected in the imaginary economy of Perturbia reveals that when the price of cham increased by 20%, the quantity of cham sold decreased by 30%, and the quantity of firm demanded increased by 15%.
john an accountant quit his $80,000 a year job and bought an existing laundry facility from its previous owner. the lease had five more years remaining and required a monthly payment of $4000. johns explicit costs are $3000 per month more than his..
Suppose cell phones are available in two basic types: Flashy or Dull. Furthermore, suppose cell phone owners fall into two basic categories: Hipsters or Grannies. Let .55 be the probability of being a Hipster. Also, 40% of cell phones are both Flas..
A woman deposit $3500 dollars in a retirement account every year. If her account pays an average of 6% interest and she makes 38 deposits before she retires, how much money can she withdraw in 20 equal payments beginning one year after her last de..
A local video store estimates their average customer's demand per year is Q = 7 -2P, and knows the marginal cost of each rental is $0.5. How much should the store charge for each rental if it engages in optimal two part pricing
Most restaurant customers tip according to a percentage rule - between 15 and 25 percent of the bill. Diners who have dinner and a $20 bottle of wine usually pay the same percentage of the bottle price as diners who order a $100 bottle.
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