A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for each gallon of midgrade gas, and $2.90 for each gallon of premium gas. Let X1, X2, and X3 denote the numbers of gallons of regular, midgrade, and premium gasoline sold in a day. Assume that X1, X2, and X3 have means μ1 = 1500, μ2 = 500, and μ3 = 300, and standard deviations σ1 = 180, σ2 = 90, and σ3 = 40, respectively. a) Find the mean daily revenue. b) Assuming X1, X2, and X3 to be independent, find the standard deviation of the daily revenue.

Answered: A gas station earns $2.60 in revenue…

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 94E

See similar textbooks

Related questions

Concept explainers

Question

A gas station earns $2.60 in revenue for each gallon of regular gas it sells, $2.75 for each gallon of midgrade gas, and $2.90 for each gallon of premium gas. Let X₁, X₂, and X₃ denote the numbers of gallons of regular, midgrade, and premium gasoline sold in a day. Assume that X₁, X₂, and X₃ have means μ₁ = 1500, μ₂ = 500, and μ₃ = 300, and standard deviations σ₁ = 180, σ₂ = 90, and σ₃ = 40, respectively. a) Find the mean daily revenue. b) Assuming X₁, X₂, and X₃ to be independent, find the standard deviation of the daily revenue.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Basics of Inferential Statistics$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions