A certain brand of upright freezer is available in three different rated capacities: 16 ft3, 18 ft3,

Question:

A certain brand of upright freezer is available in three different rated capacities: 16 ft3, 18 ft3, and 20 ft3. Let X 5 the rated capacity of a freezer of this brand sold at a certain store. Suppose that X has pmf
A certain brand of upright freezer is available in three

a. Compute E(X), E(X2), and V(X).
b. If the price of a freezer having capacity X is 70X - 650, what is the expected price paid by the next customer to buy a freezer?
c. What is the variance of the price paid by the next customer?
d. Suppose that although the rated capacity of a freezer is X, the actual capacity is h(X) = X - .008X2. What is the expected actual capacity of the freezer purchased by the next customer?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: