1. The number of wooden sailboats constructed per month in a small shipyard is a random variable that obeys the probability distribution given in the Table below: Probability distribution of monthly Number of Sailboats /Probability( 2 is the sailboat and 0.15 is probability; likewise please consider in this way for the rest of the data) 2, 0.15; 3, 0.20; 4, 0.30; 5, 0.25; 6, 0.05; 7,0.05; Suppose that the sailboat builders have fixed monthly costs of $30,000 and an additional construction cost of $4,800 per boat. 
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3. (a) Compute the mean and standard deviation of the number of boats constructed each month.
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5. (b) What is the mean and standard deviation of the monthly cost of the sailboat construction operation? 4 
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7. (c) How do your answers in part (b) change if the fixed monthly cost increases from $30,000 to $53,000? Try to compute your answer using the results of the calculation in part (b) only. 
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9. (d) How do your answers in part (b) change if the construction cost per boat increases from $4,800 to $7,000, but the fixed monthly cost stays at $30,000? Try to compute your answer using the results of the calculations of parts (a) and (b) only.

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Answer a Mean xp Standard DeviationX x 2 p 2 05 x px xpx x 2 px 2 015 03 06 3 02 06 18 4 03 12 48 5 ... View the full answer