On a certain transatlantic route, an airplane charges $2050 for a first class ticket, $1450 for a business class ticket and $650 for an economy ticket. Let X₁, X2, X3 represent the respective numbers of first. class, business class, and economy tickets sold on a randomly chosen flight, and suppose that these discrete random variables have the following means and standard deviations: µ₁ = 6.8, µ2 = 45.6, µ3 = 421.7, 0₁ = 1.6, 0₂ = 5.8, and 3 = 52.2. Find (a.) the mean revenue generated by a flight. (b.) Assume that X₁, X2, X3 are independent of each other, find the standard deviation of the revent enue.
On a certain transatlantic route, an airplane charges $2050 for a first class ticket, $1450 for a business class ticket and $650 for an economy ticket. Let X₁, X2, X3 represent the respective numbers of first. class, business class, and economy tickets sold on a randomly chosen flight, and suppose that these discrete random variables have the following means and standard deviations: µ₁ = 6.8, µ2 = 45.6, µ3 = 421.7, 0₁ = 1.6, 0₂ = 5.8, and 3 = 52.2. Find (a.) the mean revenue generated by a flight. (b.) Assume that X₁, X2, X3 are independent of each other, find the standard deviation of the revent enue.
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
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