College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN: 9781305652231
Author: R. David Gustafson, Jeff Hughes
Publisher: Cengage Learning
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The table below shows the probability distribution function of the number of accidents (X) occur in a day by taxis belonging to a taxi company.

x 0 1 2 3 4
P(X = x) 0.5 0.15 0.05 2k k

(a) Find the value of k.
(b) Find the expected value and standard deviation of the number of accidents (X) occurring in a day.
(c) Assume the net profit ($), Y, of the taxi company in a day is given by Y = 10000 – 4000X. Find the
expected value, variance, and standard deviation of the net profit of the taxi company in a day.
(d) What is the maximum profit the company earn in a day? What is the corresponding probability?
(e) What is the probability that the company loses money in a day?
(f) Find the probability that there are exactly 3 days that the company loses money in a week (7 days).

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