1. Florence Hardware is about to place its monthly order for snow blowers. It bases its estimate of sales next month on the probability distribution given below. Let X= the number of people who want to buy a snow blower. One client can only buy one snow blower. X_i: |0. |1 |2 |3 |4 |5 |6 | P(X_i)|.05|.15|.15|.25|.25|.10 |.05 Assuming that this probability distribution is true, a. What is the mean (or expected) number of people who will want to buy a snow blower next month? b. What is the standard deviation of the number potential buyers? c. If the store stocks four snow blowers, what is the probability it will sell them all?
1. Florence Hardware is about to place its monthly order for snow blowers. It bases its estimate of sales next month on the probability distribution given below. Let X= the number of people who want to buy a snow blower. One client can only buy one snow blower. X_i: |0. |1 |2 |3 |4 |5 |6 | P(X_i)|.05|.15|.15|.25|.25|.10 |.05 Assuming that this probability distribution is true, a. What is the mean (or expected) number of people who will want to buy a snow blower next month? b. What is the standard deviation of the number potential buyers? c. If the store stocks four snow blowers, what is the probability it will sell them all?
1. Florence Hardware is about to place its monthly order for snow blowers. It bases its estimate of sales next month on the probability distribution given below. Let X= the number of people who want to buy a snow blower. One client can only buy one snow blower. X_i: |0. |1 |2 |3 |4 |5 |6 | P(X_i)|.05|.15|.15|.25|.25|.10 |.05 Assuming that this probability distribution is true, a. What is the mean (or expected) number of people who will want to buy a snow blower next month? b. What is the standard deviation of the number potential buyers? c. If the store stocks four snow blowers, what is the probability it will sell them all?
A4
1. Florence Hardware is about to place its monthly order for snow blowers. It bases its estimate of sales next month on the probability distribution given below. Let X= the number of people who want to buy a snow blower. One client can only buy one snow blower.
X_i: |0. |1 |2 |3 |4 |5 |6 |
P(X_i)|.05|.15|.15|.25|.25|.10 |.05
Assuming that this probability distribution is true,
a. What is the mean (or expected) number of people who will want to buy a snow blower next month?
b. What is the standard deviation of the number potential buyers?
c. If the store stocks four snow blowers, what is the probability it will sell them all?
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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