A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for

Question:

A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for each gallon of midgrade gas, and $2.90 for each gallon of premium gas. Let X1, X2, and X3 denote the numbers of gallons of regular, midgrade, and premium gasoline sold in a day. Assume that X1, X2, and X3 have means μ1 = 1500, μ2 = 500, and μ3 = 300, and standard deviations σ1 = 180, σ2 = 90, and σ3 = 40, respectively.

a. Find the mean daily revenue.

b. Assuming X1, X2, and X3 to be independent, find the standard deviation of the daily revenue.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: