Question: I need help solving this problem. Please help me by answering and showing explanations. Problem 3. (30 points). Over the summer, you notice that the

 I need help solving this problem. Please help me by answering

I need help solving this problem. Please help me by answering and showing explanations.

and showing explanations. Problem 3. (30 points). Over the summer, you notice

Problem 3. (30 points). Over the summer, you notice that the prot X from any given project seems to be uniformly distributed between $0.5 million and $1.5 million. However, due to low quality work, Engineer Nick's often has to go back and do repairs on its past projects, without charging the client. The cost of these repairs Y is also uniformly distributed between 0 and $1 million. Assume these values are independent. (a) (10) What are the mean and standard deviation of the amount of repairs? (b) (5) Write the joint PDF for X and Y. (c) (10) What is the probability that the company has to spend more on repairs than it makes in prot on a given project? (d) (5) What is the correlation coeicient between X and Y

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