Find the expected value and variance of daily revenue

Assignment Help Basic Statistics
Reference no: EM13131502

Cans of soft drinks cost $0.30 in a certain vending machine. What is the expected value and variance of daily revenue (Y) from the machine, if X, the number of cans sold per day has E(X)=125, and Var(X)=50?

Reference no: EM13131502

Questions Cloud

Set up inital simplex tableau : Set up the inital Simplex Tableau and determine the first pivot. Please show all steps. please do not complete the problem
What amount of cash did ireland receive : Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate ..
At what ph will fe2+ be precipitated : The concentration of Fe2+ in a sample of water is 350 mmol/L At what pH will 99% of the Fe2+ be precipitated as Fe(OH)2? Ksp = 7.9 x 10-15
Determining standard scores : Consider a normal population with µ = 25 and Ï? = 8.0. Calculate the standard score for a value x of 23. Calculate the standard score for a randomly selected sample of 45 with X(line on top)= 23.
Find the expected value and variance of daily revenue : What is the expected value and variance of daily revenue (Y) from the machine, if X, the number of cans sold per day has E(X)=125, and Var(X)=50?
Problem regarding estimated inventory : Data for the first six months of 2011 include: beginning inventory at cost and retail were $55,000 and $100,000, net purchases at cost and retail were $785,000 and $1,300,000, and sales during the first six months totaled $800,000. The estimated i..
Big o and big theta definitions : Using the definition of big-O, show that 2n element of O(6*n^2). Using the definition of big-O, show that 6n^2 not element of O(2n)
Why did this make sense to callaway : What initial promotional plan directed to consum­ers in the target market did Callaway use? (b) Why did this make sense to Callaway and her team when Warm Delights was launched?
Find the probability that income is between a value : What is the probability that the income is between $1,000 and $1,800? (Be able to draw a graph to illustrate your results)

Reviews

Write a Review

Basic Statistics Questions & Answers

  Sampling and subjective probability

What are some conditions under which business decisions are made using subjective probability concepts? Could you please cite two examples of subjective probability.

  Developing a linear regression model using the given data

Develop a linear regression model for these data and forecast carpet sales if 30 construction permits for new homes are filed.

  Explain new composition course which has significant effect

If writing scores for population have standard deviation of σ = 20, does sample give adequate evidence to conclude that new composition course has significant effect?

  Determine critical z values using right-tailed test

Determine the critical z values. Suppose that normal distribution applies. Right-tailed test; standard deviation = 0.04.

  Compute and interpret the machines cp

Consider a machine that fills soda bottles. The process has a mean of 15.9 ounces and a standard deviation of 0.06 ounces. The specification limits are set between 15.8 and 16.2 ounces. a) Compute and interpret the machine's Cp

  Estimated slope of best fitting line

The standard deviation in cash bonuses is $15,618 and the standard deviation in annual pay is $28,077. The estimated slope of best fitting line relating x and y is?

  Determine probability that first three units produced-defect

Batch has just been completed. Determine probability that first three units manufactured in this batch will contain at least total of 4 defects?

  Problem related to maternity ward at big hospital

Suppose that about 48% of all infants are girls. The maternity ward at a large hospital handles 1000 deliveries per year. A smaller hospital in the same city records about 50 deliveries per year. At which hospital is it more likely that between 46..

  Theoretical background of one way analysis

This activity is a revision of an activity found in Real Data: A Statistics Workbook Based on Empirical Data by Z. C Holcomb (1997). Published by Pyrczak Publishing.

  Probability that the? residents of household own two cars

The probability that the residents?own 2 cars is 55%. Of the households surveyed, 60% had incomes over $50,000. The probability that the? residents of a household own 2 cars is?

  Testing hypothesis using alpha value

Test hypothesis that Site B is more successful in initiating acquaintances than Site A. Use alpha = .05.

  Z-score for determining percentage of rods

If the rods' lengths produced by your line are normally distributed, with a mean equal to the target of 0.2 meters, and a standard deviation of 0.015m, what percentage of rods will be scrapped?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd