The distribution company places its orders based on the expected value of the monthly demand. Each liter demanded generates an income of 70 pesos and each liter ordered costs 40 pesos. a) Find on average the company's profits in a month where the monthly demand was 3,000 liters. b) Find an interval around the mean that contains the monthly demand for 85% of the months. c) Find an interval around the mean that contains the firm's profits in 90% of the months.
The distribution company places its orders based on the expected value of the monthly demand. Each liter demanded generates an income of 70 pesos and each liter ordered costs 40 pesos. a) Find on average the company's profits in a month where the monthly demand was 3,000 liters. b) Find an interval around the mean that contains the monthly demand for 85% of the months. c) Find an interval around the mean that contains the firm's profits in 90% of the months.
The distribution company places its orders based on the expected value of the monthly demand. Each liter demanded generates an income of 70 pesos and each liter ordered costs 40 pesos. a) Find on average the company's profits in a month where the monthly demand was 3,000 liters. b) Find an interval around the mean that contains the monthly demand for 85% of the months. c) Find an interval around the mean that contains the firm's profits in 90% of the months.
The distribution company places its orders based on the expected value of the monthly demand. Each liter demanded generates an income of 70 pesos and each liter ordered costs 40 pesos. a) Find on average the company's profits in a month where the monthly demand was 3,000 liters. b) Find an interval around the mean that contains the monthly demand for 85% of the months. c) Find an interval around the mean that contains the firm's profits in 90% of the months.
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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