please answer all boxes as quickly as you can please. In a given population for beverage drinkers, an individual's per kg expenditure on tea (7) and their per kg expenditure oncoffee (C) have a bivariate normal distribution with covariance 0.15. An individual's per kg expenditure on tea isdistributed with mean $2.95 and variance 0.16. An individual's per kg expenditure on coffee is distributed with mean$2.12 and variance 0.09.If each individual in the population drinks 2 kg of tea and 3 kg of coffee, the mean total expenditure on beverages is$with a variance ofIf T and C have a bivariate normal distribution with covariance zero, the mean total expenditure on beverages is $with a variance ofIf X and Y have a bivariate distribution with covariance zero, this implies that the variables showconsistencyskewnessindependence

Answered: In a given population for beverage…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please answer all boxes as quickly as you can please.

In a given population for beverage drinkers, an individual's per kg expenditure on tea (7) and their per kg expenditure on
coffee (C) have a bivariate normal distribution with covariance 0.15. An individual's per kg expenditure on tea is
distributed with mean $2.95 and variance 0.16. An individual's per kg expenditure on coffee is distributed with mean
$2.12 and variance 0.09.
If each individual in the population drinks 2 kg of tea and 3 kg of coffee, the mean total expenditure on beverages is
$with a variance of
If T and C have a bivariate normal distribution with covariance zero, the mean total expenditure on beverages is $
with a variance of
If X and Y have a bivariate distribution with covariance zero, this implies that the variables show
consistency
skewness
independence

Expert Solution

Step 1: Define total expenditure

The sum of the price paid for one or extra merchandise or offerings accelerated by means of the quantity of every object purchased. Many commercial enterprise managers function underneath the thinking that adjustments in a consumer's whole expenditure can be affected through price, However, the nature of this relationship relies upon the relative fee elasticity of demand that can range drastically for one-of-a-kind merchandise and services.

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