A supermarket chain operates five stores of varying sizes in Bloomington, Indiana. Profits (represented as a percentage of sales volume) earned by these five stores are 2.75%, 3%, 3.5%, 4.25%, and 5%, respectively. The means and standard deviations of the daily sales volumes at these five stores are given in the file S04_50.xlsx. Assuming that the daily sales volumes are independent, find the mean and standard deviation of the total profit that this supermarket chain earns in one day from the operation of its five stores in Bloomington.
Answer to relevant QuestionsA manufacturing company constructs a 1-cm assembly by snapping together four parts that average 0.25 cm in length. The company would like the standard deviation of the length of the assembly to be 0.01 cm. Its engineer, ...Based on past sales experience, an appliance store stocks five window air conditioner units for the coming week. No orders for additional air conditioners will be made until next week. The weekly consumer demand for this ...Consider two service elevators used in parallel by employees of a three-story hotel building. At any point in time when both elevators are stationary, let X1 and X2 be the floor numbers at which elevators 1 and 2, ...Equation (4.7) for variance indicates exactly what variance is: the weighted average of squared deviations from the mean, weighted by the probabilities. However, the computing formula for variance, Equation (4.9), is more ...You are ordering milk for Mr. D’s supermarket, and you are determined to please. Milk is delivered once a week (at midnight Sunday). The mean and standard deviation of the number of gallons of milk demanded each day are ...
Post your question