Use the probability distribution given in the table below and consider two new random variables, W= 2 + 6X and V=9+5Y, to answer the following questions Joint Distribution of Weather Conditions and Commuting Times Rain (X = 0) No Rain (X1) Total Long commute (Y = 0) 0.43 0.11 0.54 Short commute (Y= 1) Total 0.15 0.31 0.46 0.58 0.42 1.00 Compute the mean of W. Compute the mean of V. Compute the variance of W. E(W) = 4.52 (Round your response to two decimal places) E(V) = 11.3 (Round your response to two decimal places) (Round your response to four decimal places) Compute the following probabilities: If Y is distributed N (2,4), Pr (Y≤4) = 0.8413. (Round your response to four decimal places.) If Y is distributed N (3,4), Pr (Y> 2) = ☐. (Round your response to four decimal places.)
Use the probability distribution given in the table below and consider two new random variables, W= 2 + 6X and V=9+5Y, to answer the following questions Joint Distribution of Weather Conditions and Commuting Times Rain (X = 0) No Rain (X1) Total Long commute (Y = 0) 0.43 0.11 0.54 Short commute (Y= 1) Total 0.15 0.31 0.46 0.58 0.42 1.00 Compute the mean of W. Compute the mean of V. Compute the variance of W. E(W) = 4.52 (Round your response to two decimal places) E(V) = 11.3 (Round your response to two decimal places) (Round your response to four decimal places) Compute the following probabilities: If Y is distributed N (2,4), Pr (Y≤4) = 0.8413. (Round your response to four decimal places.) If Y is distributed N (3,4), Pr (Y> 2) = ☐. (Round your response to four decimal places.)
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter17: Making Decisions With Uncertainty
Section: Chapter Questions
Problem 7MC
Related questions
Question
please help me with both the questions. thank you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning