2. In 2021 about 1,474 wild fire had occurred, burning more than 4,284 acres of land including residential areas. For this reason people would often buy fire insurance which would help mitigate the financial loss of people who suffer from wild fires. Let X be the claim amount for fire damages, in thousands of [1, ∞). Assume X is a continuous variable. dollars. Let f(x) = = and Sx = x5 (a) For what value of c is f(x) a valid density? (b) What is the average claim amount? (Recall that X is in thousands of dollars). (c) What is the probability that an claim amount is exactly $1,500? (d) What is the probability that an claim amount is between $500 and $2,000?
2. In 2021 about 1,474 wild fire had occurred, burning more than 4,284 acres of land including residential areas. For this reason people would often buy fire insurance which would help mitigate the financial loss of people who suffer from wild fires. Let X be the claim amount for fire damages, in thousands of [1, ∞). Assume X is a continuous variable. dollars. Let f(x) = = and Sx = x5 (a) For what value of c is f(x) a valid density? (b) What is the average claim amount? (Recall that X is in thousands of dollars). (c) What is the probability that an claim amount is exactly $1,500? (d) What is the probability that an claim amount is between $500 and $2,000?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:2. In 2021 about 1,474 wild fire had occurred, burning more than 4,284 acres of land including residential
areas. For this reason people would often buy fire insurance which would help mitigate the financial
loss of people who suffer from wild fires. Let X be the claim amount for fire damages, in thousands of
C
dollars. Let f(x) =
=
and Sx = [1, ∞). Assume X is a continuous variable.
x5
(a) For what value of c is f(x) a valid density?
(b) What is the average claim amount? (Recall that X is in thousands of dollars).
(c) What is the probability that an claim amount is exactly $1,500?
(d) What is the probability that an claim amount is between $500 and $2,000?
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