(d) Suppose that new copies cost $130 and used copies cost $80. Assume the bookstore currently has 50 new coples and 50 used copies. What is the expected value of total revenue from the sale of the next 15 coples purchased? [Hint: Let h(X) = the revenue when X of the 15 purchasers want new copies. Express this as a linear function.] $ 1515 Indicate what rule of expected value you are using. O E(ax + b) = a E(X). O E(ax + b) = E(X) + b. O E(ax + b) = a· E(X) + O E(ax + b) = a?. E(X)
(d) Suppose that new copies cost $130 and used copies cost $80. Assume the bookstore currently has 50 new coples and 50 used copies. What is the expected value of total revenue from the sale of the next 15 coples purchased? [Hint: Let h(X) = the revenue when X of the 15 purchasers want new copies. Express this as a linear function.] $ 1515 Indicate what rule of expected value you are using. O E(ax + b) = a E(X). O E(ax + b) = E(X) + b. O E(ax + b) = a· E(X) + O E(ax + b) = a?. E(X)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Just need part d
![Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successesl), whereas the other 70% want
a used copy. Consider randomly selecting 15 purchasers.
A USE SALT
(a) What are the mean value and standard devlation of the number who want a new copy of the book? (Round your standard deviation to two
decimal places.)
mean
4.5
students
standard deviation
1.77
students
(b) What is the probability that the number who want new copies is more than two standard deviations away from the mean value? (Round
your answer to three decimal places.)
0.0200
(c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text, what is the
probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number who want a new copy. For what
values of X will all 15 get what they want?] (Round your answer to three decimal places.)
0.484
(d) Suppose that new copies cost $130 and used copies cost $80. Assume the bookstore currently has 50 new coples and 50 used copies.
What is the expected value of total revenue from the sale of the next 15 copies purchased? [Hint: Let h(X) = the revenue when X of the 15
purchasers want new copies. Express this as a linear function.]
$ 1515
Indicate what rule of expected value you are using.
O E(ax + b) = a· E(X).
O E(ax + b) = E(X) + b.
E(ax + b) = a · E(X) +
O E(ax + b) = a2. E(X)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd4b6dce-7c0d-43a8-9b15-8061dfcce835%2Fb54509aa-379d-4d24-922c-6a4d7596663b%2Fb18uhdd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successesl), whereas the other 70% want
a used copy. Consider randomly selecting 15 purchasers.
A USE SALT
(a) What are the mean value and standard devlation of the number who want a new copy of the book? (Round your standard deviation to two
decimal places.)
mean
4.5
students
standard deviation
1.77
students
(b) What is the probability that the number who want new copies is more than two standard deviations away from the mean value? (Round
your answer to three decimal places.)
0.0200
(c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text, what is the
probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number who want a new copy. For what
values of X will all 15 get what they want?] (Round your answer to three decimal places.)
0.484
(d) Suppose that new copies cost $130 and used copies cost $80. Assume the bookstore currently has 50 new coples and 50 used copies.
What is the expected value of total revenue from the sale of the next 15 copies purchased? [Hint: Let h(X) = the revenue when X of the 15
purchasers want new copies. Express this as a linear function.]
$ 1515
Indicate what rule of expected value you are using.
O E(ax + b) = a· E(X).
O E(ax + b) = E(X) + b.
E(ax + b) = a · E(X) +
O E(ax + b) = a2. E(X)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman