7. A cell phone store sells cell phones (C) and cases for those phones (S). The joint distribution of purchasing a cell phone and a case is given by: P(C, S)=0.6 P(C, not S) = 0.2 P(not C, S) = 0.1 P(not C, not S) = 0.1 where "not S" represents the event of not purchasing a case and "not C" represents the event of not purchasing a cell phone. Assume that 100 customers visit the store on a given day. 1) What the expected value and the variance of the number of the cell phones sold? 2) What the expected value and the variance of the number of the cell phones cases sold? 3) Find and interpret the correlation coefficient between the number of cell phones and cases sold.
7. A cell phone store sells cell phones (C) and cases for those phones (S). The joint distribution of purchasing a cell phone and a case is given by: P(C, S)=0.6 P(C, not S) = 0.2 P(not C, S) = 0.1 P(not C, not S) = 0.1 where "not S" represents the event of not purchasing a case and "not C" represents the event of not purchasing a cell phone. Assume that 100 customers visit the store on a given day. 1) What the expected value and the variance of the number of the cell phones sold? 2) What the expected value and the variance of the number of the cell phones cases sold? 3) Find and interpret the correlation coefficient between the number of cell phones and cases sold.
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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7. Please solve for all parts 1-4
Transcribed Image Text:7. A cell phone store sells cell phones (C) and cases for those phones (S). The joint distribution of
purchasing a cell phone and a case is given by:
P(C, S)=0.6 P(C, not S) = 0.2 P(not C, S) = 0.1 P(not C, not S) = 0.1
where "not S" represents the event of not purchasing a case and "not C" represents the event of not
purchasing a cell phone. Assume that 100 customers visit the store on a given day.
1) What the expected value and the variance of the number of the cell phones sold?
2) What the expected value and the variance of the number of the cell phones cases sold?
3) Find and interpret the correlation coefficient between the number of cell phones and cases sold.
4) If the average price of a cell phone is $500 and the average price of a cell phone case is $40, what
is the expected revenue of the cell phone store?
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