A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for each gallon of midgrade gas, and $2.90 for each gallon of premium gas. Let X1, X2, and X3 denote the numbers of gallons of regular, midgrade, and premium gasoline sold in a day. Assume that X1, X2, and X3 have means μ1 = 1500, μ2 = 500, and μ3 = 300, and standard deviations σ1 = 180, σ2 = 90, and σ3 = 40, respectively. a) Find the mean daily revenue. b) Assuming X1, X2, and X3 to be independent, find the standard deviation of the daily revenue.

Answered: A gas station earns $2.60 in revenue…

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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A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for each gallon of midgrade gas, and $2.90 for each gallon of premium gas. Let X₁, X₂, and X₃ denote the numbers of gallons of regular, midgrade, and premium gasoline sold in a day. Assume that X₁, X₂, and X₃ have means μ₁ = 1500, μ₂ = 500, and μ₃ = 300, and standard deviations σ₁ = 180, σ₂ = 90, and σ₃ = 40, respectively. a) Find the mean daily revenue. b) Assuming X₁, X₂, and X₃ to be independent, find the standard deviation of the daily revenue.

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