2. A retailer for a petroleum product sells a random amount X each day. Suppose that X, measured in thousands of gallons, has the probability density function f(x) {* 3x² 0≤x≤2 otherwise 1 The retailer's profit turns out to be $100 for each 1000 gallons sold (10 cents per gallon) if X ≤ 1 and $40 extra per 1000 gallons (an extra 4 of cents per gallon) if X > 1. Find the retailer's expected profit for any given day.

2. A retailer for a petroleum product sells a random amount X each day. Suppose that X, measured in thousands of gallons, has the probability density function f(x) {* 3x² 0≤x≤2 otherwise 1 The retailer's profit turns out to be $100 for each 1000 gallons sold (10 cents per gallon) if X ≤ 1 and $40 extra per 1000 gallons (an extra 4 of cents per gallon) if X > 1. Find the retailer's expected profit for any given day.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.2: Probability

Problem 3E: The conditional probability of E given that F occurs is P(EF)=___________. So in rolling a die the...

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