Consider a small ferry that can accommodate cars and buses. The toll for cars is $3, and
Question:
Consider a small ferry that can accommodate cars and buses. The toll for cars is $3, and the toll for buses is $10. Let X and Y denote the number of cars and buses, respectively, carried on a single trip. The joint pmf of X and Y is given in the table below.
p(x, y) | y | |||
---|---|---|---|---|
0 | 1 | 2 | ||
x | 0 | 0.040 | 0.100 | 0.060 |
1 | 0.050 | 0.125 | 0.075 | |
2 | 0.020 | 0.050 | 0.030 | |
3 | 0.020 | 0.050 | 0.030 | |
4 | 0.010 | 0.025 | 0.015 | |
5 | 0.060 | 0.150 | 0.090 |
It is readily verified that X and Y are independent.
(a) Compute the expected value, variance, and standard deviation of the total number of vehicles on a single trip. (Round your standard deviation to two decimal places.)
expected value (vehicles):
variance:
standard deviation (vehicles):
(b) If each car is charged $3 and each bus $10, compute the expected value (in $), variance, and standard deviation (in $) of the revenue resulting from a single trip. (Round your standard deviation to two decimal places.)
expected value ($):
variance:
standard deviation ($):