The cost C(Q) of producing a quantity Q of widgets to satisfy demand is C(Q) = 4000+20Q, but the quantity demanded is random. If the mean and standard deviation of demand are 500 and 200, respectively, then what are the mean and standard deviation of costs?

Q: Alternative Expand Subcontract Do nothing Next Year's Demand Low High $100 $200 $50 $120 $40 $50…

A: The predicted result of a choice or event is represented by the expected value, which takes into…

Q: The Kwik Klean car wash loses $250 on rainy days and gains $1200 on non rainy days.  If the…

A: Probability of rain = 0.13 Expected profit = (1 - 0.13) * 1200 + (0.13 * (-250))…

Q: Suppose that a particular large hotel has 790 rooms. Furthermore, suppose that for weekend nights…

A: Here' the answer: The Z value is X-Mu / ( Sigma/sqrt(n)) , where n is the sample of 35 nights taken.…

Q: Beer bottles are filled so that they contain an average of 330 ml of beer in each bottle. The amount…

A: The probability that a randomly selected 6-pack of beer will have a mean amount less than 328 ml is:…

Q: Suppose a player's true batting average is Normal, with mu = .272, and standard deviation, sigma =…

A: Probability is a mathematical concept that measures the likelihood of an event occurring within a…

Q: Consider an insurance company that sells car insurance to several thousand households in south…

A: Formula needed-Variance= (Standard deviation)2In this case, the standard deviation is 5%, so the…

Q: using 'standard Normal Table ' , calculate the following probabilities. 1. Pr(z 2.32) 3.pr(1.22…

A: The standard normal distribution (z distribution) is a normal distribution with a mean of 0 and a…

Q: Times for a surgical procedure are normally distributed. There are two methods. Method A has a mean…

A: (a)The mean time for method A is 28 minutes, and the standard deviation is 6 minutes. This means…

Q: A new edition of a very popular textbook will be published a year from now. The publisher currently…

A:

Q: Suppose that themean cost of domestic airfares in the United States is $399 per ticket, with a…

A: Mean cost of airlines = $399Standard deviation = $119 We have to find the cost of the highest 5%…

Q: A quality control expert at LIFE Batteries wants to test their new batteries. The design engineer…

A: The objective of this question is to find the probability that the mean battery life of a sample of…

Q: IQ is normally distributed with a mean of 100 and a standard deviation of 16. A local school is…

A: Assume x to be a continuous random variable to represent the score of IQ, then x~N (100, 16).…

Q: ording to AAA, the price of a gallon of regular, unleaded gas across gas stations in North olina is…

A:

Q: The density function of a random variable X is given in the table below, answer following:…

A: Answer (a) The probability that X will be lies between 1 and 3 or P(1 < X > 3) = P (X = 2) =…

Q: Number of contestants prize if tryout is held Income to a person if they stay at home Expected…

A: The expected value of tryout = expected prize = (Prize of the tryout) / (number of persons trying…

Q: According to AAA, the price of a gallon of regular, unleaded gas across gas stations in North…

A: The continuous random variable has a probability distribution called the continuous probability…

Q: Home prices in a particular neighborhood average $350k with a standard deviation of $30k. They are…

A:

Q: ou are given the following data on large business policyholders: Losses for each employee of a given…

A: Given: In part I given that ; μ =15 In Part III given that; a = 60 In Part IV given that ; v =8000

Q: Suppose commute times in a large city are normally distributed and that 65.20% of commuters in this…

A: The following formula converts an X value into a Z score, also called a standardized score:…

Q: A courier company guarantees its customers that the average time to pick up their packages is 20…

A: Process capability index is a statistical tool that measures the ability of any process to produce…

Q: A sociology professor assigns letter grades on a test according to the following scheme. A: Top 14%…

A: The objective of the question is to find the numerical limits for a D grade in a test. The scores…

Q: Suppose ACT Reading scores are normally distributed with a mean of 21.4 and a standard deviation of…

A: The objective of the question is to find the minimum ACT Reading score required for a student to be…

Q: What is sampling? Explain the differences between probability and nonprobability samples and…

A: Answer is given below

Q: Same problem statement: Weekly demand for DVD-Rs at a retailer is normally distributed with a mean…

A: The ideal quantity of inventory a company should hold at any given time is called the optimal order…

Q: The prizes that can be one and a sweepstakes are listed below together with the chances of winning…

A: The given numbers shows the prizes that can be won in a sweepstakes

Q: Use the expected value approach to decide whether to market the new product. Because of the high…

A: The expected value is the arithmetic mean of the random variables which is weighted by their…

Q: Prospect Z - ($2, 0.30: $14, 0.40 ; $29, 0.30) What is the standard deviation of prospect Z?

A: The standard deviation would measure the variability in the data or the lottery Z. The probability…

Q: Using the standard normal distribution table, compute the following probabilities P(Z ≥1.92) is:

A:

Q: Suppose a player's true batting average is Normal, with mu = .275, and standard deviation, sigma =…

A: Suppose a player's true batting average is Normal, with mu = .275, and standard deviation, sigma =…

Q: Using the properties of variance, what is the variance of Y=4X−5 where Var(X)=1?

A: Given information: X is a random variable, and the variance of X is 1 i.e., Var(X) = 1 We need to…

Q: Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a…

A: given information about the hourly operating cost of commercial airplanes, which follows a normal…

Q: c. The United Nations have constructed an index of overall 'world happiness' that is given by the…

A: World Happiness = 2×(Happiness Score) + 3Life Expectancy

Q: Suppose A and B are two events with probabilities: P(A) = .30, P(B°) = .45, P(ANB) = .15. Find the…

A: The provided information are: PA=.30PBc=.45PA ∩B=.15

Q: A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a…

A: The concept of portfolio risk and return is crucial to the modern finance and asset management…

Q: The probability distribution for the number of automobiles sold during a day (x) at Bob Iron Motors…

A: ∑f(x)=1 ⇒0.001+0.007+0.034+0.099+0.188+X1+0.220+0.136+0.055+0.015+0.001=1 ⇒X1=1-0.756=0.244 Mean=∑x…

Q: Data on nail salons throughout the city of Los Angeles finds an average price of a manicure is…

A:

Q: A large number of MBA applicants are given an aptitude test. Scores are normally distributed with a…

A: To find the probability that a randomly chosen MBA applicant scores 600 or above on the aptitude…

Q: If the economy booms, Meyer&Co. stock will have a return of 20.8 percent. If the economy goes into a…

A: A stock market return is the long-run increase or decrease in the value of an asset or investment. A…

Q: Consider the following joint distribution of two random variables X and Y: -2 1 3 ? 0.15 0.15 ? 0.30…

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Q: New ads have been proposed and cost the company $5000 to run in each time slot. If the extra sales…

A: To determine how many ads should be run, we need to find the number of ads that will maximize the…