A company that rents DVDs from vending machines in grocery stores has developed the following probability...
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A company that rents DVDs from vending machines in grocery stores has developed the following probability distribution for the random variable X- the number of DVDs a randomly selected customer rents from a machine. X 4 1 2 3 0.5 0.3 0.1 P(x) 0.1 (a) Find and interpret the mean of X. (b) Find and interpret the standard deviation of X. (c) Suppose the profit the company makes on each customer visit is S0.75 per DVD minus $0.05 "fixed costs." That is, if P-profit, then P=0.75X-0.05. Find the mean and standard deviation of P. A company that rents DVDs from vending machines in grocery stores has developed the following probability distribution for the random variable X- the number of DVDs a randomly selected customer rents from a machine. X 4 1 2 3 0.5 0.3 0.1 P(x) 0.1 (a) Find and interpret the mean of X. (b) Find and interpret the standard deviation of X. (c) Suppose the profit the company makes on each customer visit is S0.75 per DVD minus $0.05 "fixed costs." That is, if P-profit, then P=0.75X-0.05. Find the mean and standard deviation of P.
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Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam
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