A dealer's profit, in units of $1000, on a new automobile is a random variableX having density functionfle) = { (3.5 – z)/6.125, if 0 < z < 3.5,0, elsewhere.a. Find the expectation and the variance of the dealer's profit.The expectation(dollars)The variance =|(square dollars)b. What is the probability that the profit exceeds $1200?Answer: c. Select 81 new automobiles randomly and independently. Find theprobability that the average profit of the dealer on these automobileswill be less than $1030.Answer:

Answered: Image /qna-images/answer/df0f28be-311d-44ea-89ef-206740841558.jpg

Answered: A dealer's profit, in units of $1000,…

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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