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Discrete random variable) Suppose a grocery store sells 6 containers of skim milk at the wholesale price of $1.15 per container and sells it for $1.65 per container. After the expiration date, the unsold milk is removed from the shelves and the seller receives a refund of three- fourths of the wholesale price for this item. The probability of the number of containers sold from this lot is shown in the table below: x f(x) 0 1/15 1 2/15 2 2/15 3 3/15 a. Calculate the probability of selling less than 3 containers. b. Calculate the expected number of packages sold. c. Calculate the expected utility and its standard deviation. 4 4/15 5 2/15 6 1/15

Discrete random variable) Suppose a grocery store sells 6 containers of skim milk at the wholesale price of $1.15 per container and sells it for $1.65 per container. After the expiration date, the unsold milk is removed from the shelves and the seller receives a refund of three- fourths of the wholesale price for this item. The probability of the number of containers sold from this lot is shown in the table below: x f(x) 0 1/15 1 2/15 2 2/15 3 3/15 a. Calculate the probability of selling less than 3 containers. b. Calculate the expected number of packages sold. c. Calculate the expected utility and its standard deviation. 4 4/15 5 2/15 6 1/15

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.4: Expected Value
Problem 20E
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Discrete random variable) Suppose a grocery store sells 6 containers of skim milk at the wholesale price of $1.15 per container and sells it for $1.65 per container. After the expiration date, the unsold milk is removed from the shelves and the seller receives a refund of three- fourths of the wholesale price for this item. The probability of the number of containers sold from this lot is shown in the table below: X f(x) 0 1/15 1 2/15 2 2/15 3 3/15 a. Calculate the probability of selling less than 3 containers. b. Calculate the expected number of packages sold. c. Calculate the expected utility and its standard deviation. 4 4/15 5 2/15 6 1/15
Transcribed Image Text:Discrete random variable) Suppose a grocery store sells 6 containers of skim milk at the wholesale price of $1.15 per container and sells it for $1.65 per container. After the expiration date, the unsold milk is removed from the shelves and the seller receives a refund of three- fourths of the wholesale price for this item. The probability of the number of containers sold from this lot is shown in the table below: X f(x) 0 1/15 1 2/15 2 2/15 3 3/15 a. Calculate the probability of selling less than 3 containers. b. Calculate the expected number of packages sold. c. Calculate the expected utility and its standard deviation. 4 4/15 5 2/15 6 1/15
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