A publishing company introduces a new weekly magazine that sells for $4.95 on the newstand. The marketing group of the company estimates that sales x (in thousands) will be approximated by the following probaility function. x is 10, 15, 20, 30, 40 p(x) is 0.25, 0.30, 0.25, 0.15, 0.05 1.) Find E(X) and standard deviation 2.) Find the expected revenue

A publishing company introduces a new weekly magazine that sells for $4.95 on the newstand. The marketing group of the company estimates that sales x (in thousands) will be approximated by the following probaility function. x is 10, 15, 20, 30, 40 p(x) is 0.25, 0.30, 0.25, 0.15, 0.05 1.) Find E(X) and standard deviation 2.) Find the expected revenue

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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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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100%

x is 10, 15, 20, 30, 40

p(x) is 0.25, 0.30, 0.25, 0.15, 0.05

1.) Find E(X) and standard deviation

2.) Find the expected revenue

Expression, rule, or law that gives the relationship between an independent variable and dependent variable. Some important types of functions are injective function, surjective function, polynomial function, and inverse function.

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