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A builder of houses needs to order some supplies that have a waiting time Y for delivery, with a continuous uniform distribution over the interval from 1 to 4 days. Because she can get by without them for 2 days, the cost of the delay is fixed at $200 for any waiting time up to 2 days. After 2 days, however, the cost of the delay is $200 plus $50 per day (prorated) for each additional day. That is, if the waiting time is 3.5 days, the cost of the delay is $200 + $50(1.5) = $275. Find the expected value of the builder's cost due to waiting for supplies. (Round your answer to the nearest cent.) $

A builder of houses needs to order some supplies that have a waiting time Y for delivery, with a continuous uniform distribution over the interval from 1 to 4 days. Because she can get by without them for 2 days, the cost of the delay is fixed at $200 for any waiting time up to 2 days. After 2 days, however, the cost of the delay is $200 plus $50 per day (prorated) for each additional day. That is, if the waiting time is 3.5 days, the cost of the delay is $200 + $50(1.5) = $275. Find the expected value of the builder's cost due to waiting for supplies. (Round your answer to the nearest cent.) $

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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23 A builder of houses needs to order some supplies that have a waiting time Y for delivery, with a continuous uniform distribution over the interval from 1 to 4 days. Because she can get by without them for 2 days, the cost of the delay is fixed at $200 for any waiting time up to 2 days. After 2 days, however, the cost of the delay is $200 plus $50 per day (prorated) for each additional day. That is, if the waiting time is 3.5 days, the cost of the delay is $200 + $50 (1.5) = $275. Find the expected value of the builder's cost due to waiting for supplies. (Round your answer to the nearest cent.) $
Transcribed Image Text:23 A builder of houses needs to order some supplies that have a waiting time Y for delivery, with a continuous uniform distribution over the interval from 1 to 4 days. Because she can get by without them for 2 days, the cost of the delay is fixed at $200 for any waiting time up to 2 days. After 2 days, however, the cost of the delay is $200 plus $50 per day (prorated) for each additional day. That is, if the waiting time is 3.5 days, the cost of the delay is $200 + $50 (1.5) = $275. Find the expected value of the builder's cost due to waiting for supplies. (Round your answer to the nearest cent.) $
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