When parking a car in a downtown parking lot,drivers pay according to the number of hours orfraction thereof. The probability distribution of thenumber of hours cars are parked has beenestimated as follows:3478P(X)0.204 0.1230.127 0.087 0.061 0.022 0.032 0.344A. Mean :%DB. Standard Deviation =The cost of parking is 4.75 dollars per hour.Calculate the mean and standard deviation of theamount of revenue each car generates.А. Мean :%DB. Standard Deviation :

Let X be the random variable. The expected value of X is denoted as E(X) and It is defined as…

When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: 2 3 5 6 7 8 1 4 P(X)0.204 0.123 0.127 0.0870.061 0.022 0.032 0.344 A. Mean = B. Standard Deviation = The cost of parking is 4.75 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =

When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: 2 3 5 6 7 8 1 4 P(X)0.204 0.123 0.127 0.0870.061 0.022 0.032 0.344 A. Mean = B. Standard Deviation = The cost of parking is 4.75 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =

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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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

When parking a car in a downtown parking lot,
drivers pay according to the number of hours or
fraction thereof. The probability distribution of the
number of hours cars are parked has been
estimated as follows:
3
4
7
8
P(X)0.204 0.1230.127 0.087 0.061 0.022 0.032 0.344
A. Mean :
%D
B. Standard Deviation =
The cost of parking is 4.75 dollars per hour.
Calculate the mean and standard deviation of the
amount of revenue each car generates.
А. Мean :
%D
B. Standard Deviation :

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When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: X 12 3 4 5 6 7 8 P(X) 0.23 0.149 0.13 0.08 0.057 0.022 0.026 0.306 A. Mean = B. Standard Deviation = The cost of parking is 2.5 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =