Matthew runs a small company that delivers medical supplies. Every week the company generates new revenue. The following table contains the past business records:

a. Calculate the expected revenues for this week.

 b. Find the standard deviation for the distribution.

 

Transcribed Image Text:

Revenue $(x;) Probability p(x;) $2,000 0.30 $1,500 0.30 $1,000 0.20 $500 0.10 $0 0.10 %24 Revenue $(x;) Probability p(x;) $2,000 0.30 $1,500 0.30 $1,000 0.20 $500 0.10 $0 0.10 %24

Answer rating: 100% (QA)

Expected revenue Sum of probability of all revenue p1 R1p2R2p3R3p4R4p5R5 Expected r... View the full answer