At a restaurant that sells appetizers: 8% of the appetizers cost $1 each, 20% of
Question:
• 8% of the appetizers cost $1 each,
• 20% of the appetizers cost $2 each,
• 32% of the appetizers cost $3 each,
• 40% of the appetizers cost $4 each.
An appetizer is chosen at random, and X is its price. Each appetizer has 7% sales tax. So Y - 1.07X is the amount paid on the bill (in dollars). Find the variance of Y.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
The expected cost of an appetizer is E X 0081 02...View the full answer
Answered By
William Otieno
I am a professional tutor and a writer with excellent skills that are important in serving the bloggers and other specialties that requires a great writer. The important aspects of being the best are that I have served so many clients with excellence
With excellent skills, I have acquired very many recommendations which have made it possible for me to survive as an excellent and cherished writer. Being an excellent content writer am also a reputable IT writer with essential skills that can make one turn papers into excellent result.
4.70+
83+ Reviews
354+ Question Solved
Related Book For
Introduction to Probability
ISBN: 978-0716771098
1st edition
Authors: Mark Daniel Ward, Ellen Gundlach
Question Posted:
Students also viewed these Statistics questions
-
See Clear Company manufactures clear plastic CD cases. It applies varlable overhead based on the number of machine hours used. Information regarding See Clear's overhead for the month of December...
-
In many communities, a restaurant that sells alcoholic beverages is required to have a license. Suppose that the number of licenses is limited and that they may be easily transferred to other...
-
Carey is a waiter at a restaurant that pays a small hourly amount plus tips. Customers are not required to tip the waiter. Carey is especially attentive and friendly, and her tips average 25% of the...
-
In Australia, the banking sector is dominated by four main institutions, the ANZ Banking Group, Commonwealth Bank, National Australia Bank, and Westpac. To maintain a competitive banking market, the...
-
Chris Maynard, one of Heath Metal Productss three customer engineers, is reviewing the costs of the radar housings for Lingle Aerospace (LA). LA is one of Maynards largest accounts and the radar...
-
A Gallup survey of 1,100 randomly selected U.S. adults conducted June 2019 found that 53% of those surveyed were satisfied with the quality of education students receive in K through 12 grade in the...
-
Consider radiation exchange between two annular cylinders of radii \(R_{\mathrm{i}}\), and \(R_{\mathrm{o}}\) facing each other. This is similar to the radiation between flat plates considered in the...
-
Modco was founded in 1960, with the opening of the first Modco discount store, and was incorporated as Modco Stores Inc. in January 1970. The companys shares were listed on the NYSE in 1975. Modco...
-
Your company is excited with the information discussed regarding the cloud technologies that are available to Get-Sole Shoes. Now the management team wants to examine what its cloud infrastructure...
-
Determine the angular velocity and the angular acceleration of the plate CD of the stone-crushing mechanism at the instant AB is horizontal. At this instant . Driving link AB is turning with a...
-
Alice, Bob, and Charlotte are looking for butterflies. They look in three separate parts of a field, so that their probabilities of success do not affect each other. Alice finds 1 butterfly with...
-
In each round of a game, you earn a dollar if a die show 1 or 2, you lose a dollar if a die shows 5 or 6, and you neither earn nor lose anything if a die shows 3 or 4. Let Xj be +1, -1, or 0...
-
Wasselecs Moving and Storage Ltd. is a small company based in Hamilton, Ontario. It operates in both the residential and commercial markets. To serve its various clients, Wasselecs owns two large...
-
1. Consider the two-period binomial model with a non-dividend paying stock S, where So = 4, u = 2, d = 0.5, r = 0.25. Your boss has asked you to price an MaxCall (Lookback) option which expires at...
-
5. Consider a three-period binomial model for a stock S whose current price is So = 100. Suppose that over each of the next three years, the stock price can either move up by a factor u = 1.2 or down...
-
Explain the key responsibilities of chemical engineers in ensuring process safety and efficiency. Provide examples of how chemical engineers contribute to environmental sustainability and the...
-
1. In the 3-period binomial model, you are given the following parameters: S=8, u=2,d=1/2, r = 1/4, p = q = 1/2 Consider the following process in this model: Xn = max S = the largest value the stock...
-
A factory equipment is purchased on January 6 , 2 0 2 4 , for $ 2 0 , 0 0 0 cash and a $ 5 0 , 0 0 0 note payable. Related cash expenditures include insurance during shipping, $ 5 0 0 ; the annual...
-
In Exercises find the area of the region bounded by the graphs of the equations. y = -x + 4x, y = 0
-
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
-
Let x be a binomial random variable with n = 25 and p = .3. a. Is the normal approximation appropriate for this binomial random variable? b. Find the mean and standard deviation for x. c. Use the...
-
Let x be a binomial random variable with n = 15 and p = .5. a. Is the normal approximation appropriate? b. Find P(x 6) using the normal approximation. c. Find P(x > 6) using the normal...
-
Let x be a binomial random variable with n = 100 and p = .2. Find approximations to these probabilities: a. P(x > 22) b. P(x 22) c. P(20 < x < 25) d. P(x 25)
-
1). The Electronic Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and...
-
After reviewing oceanview marine company's case materials, and reviewing the unaudited account balances, what is your preliminary view on the client's ability to continue as a going concern? What is...
-
For each chemical reaction listed in the table below, decide whether the highlighted atom is being oxidized or reduced. reaction highlighted atom is being... neither oxidized reduced oxidized nor...
Study smarter with the SolutionInn App