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1.8. Question 7 Marketing researchers have determined that there is a relationship between sales of canned tuna and the price of canned tuna. Specifically, SALES = 40, 710 - 430PRICE, where SALES are cans sold per week and PRICE is measured in cents per can. Suppose PRICE is (approximately) a normal random variable with mean μ = 75 cents and standard deviation σ 5 cents. That is PRICE~N(75, 25).\ (a) = (a) What is the expected value of SALES? (b) What is the variance of SALES? (c) Find the probability that more than 6, 300 cans are sold in a week. ↑↓孟曱 (b) (c)

1.8. Question 7 Marketing researchers have determined that there is a relationship between sales of canned tuna and the price of canned tuna. Specifically, SALES = 40, 710 - 430PRICE, where SALES are cans sold per week and PRICE is measured in cents per can. Suppose PRICE is (approximately) a normal random variable with mean μ = 75 cents and standard deviation σ 5 cents. That is PRICE~N(75, 25).\ (a) = (a) What is the expected value of SALES? (b) What is the variance of SALES? (c) Find the probability that more than 6, 300 cans are sold in a week. ↑↓孟曱 (b) (c)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1.8. Question 7 Marketing researchers have determined that there is a relationship between sales of canned tuna and the price of canned tuna. Specifically, SALES = 40, 710 - 430PRICE, where SALES are cans sold per week and PRICE is measured in cents per can. Suppose PRICE is (approximately) a normal random variable with mean μ = 75 cents and standard deviation σ 5 cents. That is PRICE~N(75, 25).\ (a) = (a) What is the expected value of SALES? (b) What is the variance of SALES? (c) Find the probability that more than 6, 300 cans are sold in a week. ↑↓孟曱 (b) (c)
Transcribed Image Text:1.8. Question 7 Marketing researchers have determined that there is a relationship between sales of canned tuna and the price of canned tuna. Specifically, SALES = 40, 710 - 430PRICE, where SALES are cans sold per week and PRICE is measured in cents per can. Suppose PRICE is (approximately) a normal random variable with mean μ = 75 cents and standard deviation σ 5 cents. That is PRICE~N(75, 25).\ (a) = (a) What is the expected value of SALES? (b) What is the variance of SALES? (c) Find the probability that more than 6, 300 cans are sold in a week. ↑↓孟曱 (b) (c)
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