Samantha is the proud owner of the restaurant Barbieville. The only product Barbieville sells isSam's Burrito, which is priced at $10 each. The number ofSam's Burritos sold on a day, denoted N, follows a normal distribution with mean 400 andstandard deviation 50. It is known that the total daily cost, denoted C, follows a normal distributionwith mean $1,000 and standard deviation $300. The correlation between C and N is 0.8.Sam's Microeconomics lecturer advised her that she could calculate her profits (P) by subtractingthe total cost (C) from total daily revenue (price x quantity):1. Samantha's Profit function is a new random variable given by: [Select]2. Samantha's expected profit is given by: [Select]3. Covariance between N and C is given by: [Select]4. The standard deviation of profit is given by: [Select]

Given,where N and C are the number of Sam's Burritos sold on a day and the total daily cost…

Answered: Samantha is the proud owner of the…

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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There are two major tests of readiness for college, the ACT and the SAT. ACT scores are reported on a scale from 1 to 36. The distribution of ACT scores is approximately Normal, with mean of 21.9 and standard deviation of 5.8. SAT scores are reported on a scale from 400 to 1600. The distribution of SAT scores is approximately Normal, with mean of 1,059 and standard deviation of 203. What ACT scores make up the top 10% of all the scores? Round to the nearest whole number.
Suppose that Jett achieves a score of 1250 on the SAT, and his sister Kate scores 29 on the ACT. The SAT scores are normally distributed with a mean of 1100 and standard deviation of 250. The ACT scores are normally distributed with a mean of about 20 and standard deviation of 5. Who did better, relative to their peers?
Solar energy is considered by many to be the energy of the future. A recent survey was taken to compare the cost of solar energy to the cost of gas or electric energy. Results of the survey revealed that the distribution of the amount of the monthly utility bill of a three-bedroom house using gas or electric energy had a mean of $117 and a standard deviation of $13. If the distribution can be considered normal: Approximately what percentage of homes will have a monthly utility bill less than $78? Note: Do NOT include the "%" sign Do NOT round any decimals, if applicable
Which of the following data sets has the smallest standard deviation? a. 1, 2, 3, 4, 5 b. 100, 100, 100, 100, 100 c. 100, 101, 102, 103, 104 d. 2, 4, 6, 8, 10
Consider two completely different data sets: price per gallon of gas in Fort Pierce and SAT scores of students at a certain high school. The price per gallon of gas data set has a mean of $2.95 and a standard deviation of S1.15. The high school SAT scores data set has a mean of 1078 and a standard deviation of 198. Calculate the Coefficient of Variation for both data sets. Round solutions to one decimal place, if necessary. Coefficient of Variation for the price per gallon of gas data set: Coefficient of Variation for high school SAT scores data set: Which data set has greater variability? Price per gallon of gas Thus, we see that when comparing two data sets, the data set with the larger standard deviation does not v necessarily have greater variabilty. Check All Parts
The distribution of the amount of money spent by students for textbooks in a semester is approximately normal in shape with a mean of $235 and a standard deviation of $20. According to the standard deviation rule, almost 2.5% of the students spent more than what amount of money on textbooks in a semester? A. O $195 B. $215 C. $235 D. $275 E. $295
In nutrition, the recommended daily allowance of vitamins is a number set by the government to guide an individual's daily vitamin intake. Actually, vitamin needs vary drastically from person to person, but the needs are closely approximated by a normal curve. To calculate the recommended daily allowance, the government first finds the standard deviation and the average need for vitamins among people in the population. The recommended daily allowance is then defined as the mean plus 2.7 times the standard deviation. What fraction of the population will receive adequate amounts of vitamins under this plan? Click here to see page 1 of the table for areas under the standard normal curve. Click here to see page 2 of the table for areas under the standard normal curve. The fraction of the population that will receive adequate amounts of vitamins under the given plan is (Type an integer or decimal rounded to the nearest thousandth as needed.)
Suppose there is a city where the mean cost per month of a one-bedroom apartment is $1,500, with a standard deviation of $250. Approximately what percentage of one-bedroom apartments in the city cost between $750 and $1,000?
A successful basketball player has a height of 6 feet 11 inches, or 211 cm. Based on statistics from a data set, his height converts to the z score of 5.17. How many standard deviations is his height above the mean?
Q. 2. Suppose Country B's government now reports that its population mean disposable household income is $1,000 per month, with a standard deviation of $150. Country A's population mean is $1,100, with a standard deviation of $310. a. b. Which country has more variation in income? Explain using popular phrases, such as "gap between rich and poor." Each country defines the poverty level to be $755. If you assume that income has a normal distribution, find the probability that a household's income is below the poverty level in i. Country A ii. Country B Does it seem reasonable to assume a normal distribution? In general, is income symmetric or skewed?

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