Concept explainers
The table below shows the
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
(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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