Due to launching of new car models, Western Car Deals has lowered the prices on cars of older models in order to clear the "leftover inventory". With reduced prices, a salesman estimates the following probability distribution of total number of cars that will be sold at various prices (X) over next week: 1 3 4 0.05 0.15 0.35 0.25 0.20 *** .. Given the probability distribution above, what is the expected variance of Variable X?

Due to launching of new car models, Western Car Deals has lowered the prices on cars of older models in order to clear the "leftover inventory". With reduced prices, a salesman estimates the following probability distribution of total number of cars that will be sold at various prices (X) over next week: 1 3 4 0.05 0.15 0.35 0.25 0.20 *** .. Given the probability distribution above, what is the expected variance of Variable X?

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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Amy needs to plan inventory ahead for her business and she needs to know how the demand for her products would be like for the next week. Suppose, based on experience, she knows that the demand for her products follows a normal distribution with a mean of 300 units and and a standard deviation of 60 units. What is the probability, approximately, that Amy will face a demand of less than 180 units? 5% 16% 2.5% 0%
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