Farmers' market A farmer has 100 lb of apples and50 lb of potatoes for sale. The market price for apples(per pound) each day is a random variable with a mearof 0.5 dollars and a standard deviation of 0.2 dollars.Similarly, for a pound of potatoes, the mean price is0.3 dollars and the standard deviation is 0.1 dollars. Italso costs him $2 to bring all the apples and potatoesto the market. The market is busy with eager shoppers,so we can assume that he'll be able to sell all of eachtype of produce at that day's price.a) Define your random variables, and use them toexpress the farmer's net income.b) Find the mean.c) Find the standard deviation of the net income.d) Do you need to make any assumptions in calculat-ing the mean? How about the standard deviation?

The random variable is the variable that changes its value from time to time. The value of the…

Answered: Farmers' market A farmer has 100 lb of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Calculate the expected value, the variance, and the standard deviation of the given random variable X. (Round all answers to two decimal places.) X is the number of red marbles that Suzan has in her hand after she selects three marbles from a bag containing three red marbles and two green ones. expected value variance standard deviation
Every year, the students at a school are given a musical aptitude test that rates them from 0 (no musical aptitude) to 5 (high musical aptitude). This year's results are given in the frequency distribution: Aptitude Score 0 1 2 3 4 5 Frequency 1 6 4 1 5 2 Calculate the sample standard deviation of this data. Answer using two decimal places.
Insurance companies make bets. They bet that you’re going to live a long life. An insurance company offers a “death and disability” policy that pays average of $10,000 when you die with a standard deviation of $1,000 or pays average $5000 if you are permanently disabled with standard deviation of $1,000. Assuming the distribution of the policy payout is normal. What percentage of pay will lie between payout of $7,000 and $9,000 when you die? What percentage of the payout will lie below $7,500 if you are permanently disabled? What percentage of the policy will lie above $8,100 when you die?
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esc Introduction A chain of restaurants has historically had a mean wait time of 9 minutes for its customers. Recently, the restaurant added several very popular dishes back to their menu. Due to this, the manager suspects the wait time, μ, has increased. He takes a random sample of 44 customers. The mean wait time for the sample is 9.6 minutes. Assume the population standard deviation for the wait times is known to be 3.3 minutes. Can the manager conclude that the mean wait time is now greater than 9 minutes? Perform a hypothesis test, using the 0.05 level of significance. (a) State the null hypothesis Ho and the alternative hypothesis H₁. Ho: O H₁:0 (b) Perform a Z-test and find the p-value. Here is some information to help you with your Z-test. The value of the test statistic is given by Standard Normal Distribution Step 1: Select one-tailed or two-tailed. O One-tailed O Two-tailed Explanation μ Check □<口 X X OSO 020 0=0 x-H √n • The p-value is the area under the curve to the right…
HW ELEVEN
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