The number of ice creams sold per hour from Mr Fishy’s van is observed to be a Poisson random variable with parameter λ = 8. Each ice cream costs two pounds but Mr Fishy has to pay five pounds per hour for the pitch. What is the variance of his hourly profit (measured in pounds and ignoring all other income and expenses)?

The number of ice creams sold per hour from Mr Fishy’s van is observed to be a Poisson random variable with parameter λ = 8. Each ice cream costs two pounds but Mr Fishy has to pay five pounds per hour for the pitch. What is the variance of his hourly profit (measured in pounds and ignoring all other income and expenses)?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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