Engineering Economy (17th Edition)
17th Edition
ISBN: 9780134870069
Author: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 16P
To determine
Calculate the variance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Suppose that themean cost of domestic airfares in the United States is $399 per ticket, with a
standard deviation of $119. If domestic airfares are normally distributed, what is the cost for the
highest 5% of domestic airfares?
The probability distribution for the number of automobiles sold during a day (x) at Bob Iron Motors is as follows.
x
f(x)
0
0.001
1
0.007
2
0.034
3
0.099
4
0.188
5
6
0.220
7
0.136
8
0.055
9
0.015
10
0.001
24
Suppose the gross profit per vehicle sold is
$1,820
. The standard deviation of gross profit is,
a
$3,105.50
b
$3,029.76
c
$2,955.86
d
$2,883.77
The accompanying table gives the outcomes and probability distribution of the number of times a student checks her e-mail daily:
Outcome (X)
(number of email checks)
Probability Distribution f(x)
0
0.05
1
0.15
2
0.30
3
0.25
4
0.15
5
0.08
6
0.02
Calculate the expected value and the variance.
Chapter 12 Solutions
Engineering Economy (17th Edition)
Ch. 12 - Prob. 1PCh. 12 - Prob. 2PCh. 12 - A new snow making machine utilizes technology that...Ch. 12 - Prob. 4PCh. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Prob. 7PCh. 12 - Prob. 8PCh. 12 - Prob. 9PCh. 12 - Prob. 10P
Ch. 12 - Prob. 11PCh. 12 - Prob. 12PCh. 12 - Prob. 13PCh. 12 - Prob. 14PCh. 12 - Prob. 15PCh. 12 - Prob. 16PCh. 12 - Prob. 17PCh. 12 - Prob. 18PCh. 12 - Prob. 19PCh. 12 - Prob. 20PCh. 12 - Prob. 21PCh. 12 - Prob. 22PCh. 12 - If the interest rate is 8% per year, what decision...Ch. 12 - Prob. 24PCh. 12 - Prob. 25PCh. 12 - Prob. 26SE
Knowledge Booster
Similar questions
- (c) The price of a 14 oz cup of coffee in Sunshine cafés is a random variable C with an expected value of $3.00 and a standard deviation of $1. At any given shop, the price doesn't vary, but it varies independently across shops. Tomorrow morning, you plan to buy two 14 oz cups of coffee from the same shop while your friend plans on buying two from two different shops. (i) How much do you expect to spend on coffee tomorrow and with what standard deviation? (ii) How much do you expect your friend to spend and with what standard deviation? (iii) Who do you think has a better idea and why?arrow_forwardThe cost C(Q) of producing a quantity Q of widgets to satisfy demand isC(Q) = 4000+20Q, but the quantity demanded is random. If the mean and standarddeviation of demand are 500 and 200, respectively, then what are the mean andstandard deviation of costs?arrow_forwardThe table below shows the probability distribution of X. Find V(X), that is, the variance of X to three decimal places. P(X = x) %3D -4 0.08 1 0.1 0.3 12 0.52arrow_forward
- A product has a mean demand of 50 with a standard deviation of 4. If the retailer wants to maintain a 90% customer service, how many units will they need to keep in stock?arrow_forwardA major credit card company has determined that the amount its customers charge on their accounts is normally distributed with an average of R2800 per month and a standard deviation of R200.What proportion of customers charge more than R2750 per month on their account (rounded off to three decimals)?arrow_forwardAssume that the random variable x is normally distributed with mean u = 70 and standard deviation o = 10. Find P(90 < x < 91) 0.9500 0.9951 0.0049 0.4500arrow_forward
- You may need to use the appropriate appendix table to answer this question. Given that z is a standard normal random variable, find z for each situation. (Round your answers to two decimal places.) (a) The area to the left of z is 0.9750. 1.8 x (b) The area between O and z is 0.4750. (c) The area to the left of z is 0.7291. (d) The area to the right of z is 0.1271. (e) The area to the left of z is 0.8106. () The area to the right of z is 0.1894.arrow_forwardThe probability distribution for the number of automobiles sold during a day (x) at Bob Iron Motors is as follows. x f(x) 0 0.001 1 0.007 2 0.034 3 0.099 4 0.188 5 6 0.220 7 0.136 8 0.055 9 0.015 10 0.001 21 The expected value of the number of automobiles sold is, a 5.20 b 5.31 c 5.42 d 5.53arrow_forwardAccording to AAA, the price of a gallon of regular, unleaded gas across gas stations in North Carolina is normally distributed with a mean of $2.39 and a standard deviation of $0.15. What is the probability that the price is between $2.30 and $2.60 per gallon? 0.27 O 0.64 0.89 0.74arrow_forward
- Consider that the annual demand of a product is uniformly distributed between 200 and 300 units. Profit per unit sold is 10,000 rupee and the annual cost can be assumed to be constant at 23,00,000 rupee. Obtain distribution and density functions of random profit. Also, obtain the mean, variance, standard deviation, and median of profit.arrow_forwardthe following probability distribution represents the number of people living in a household (x), and the probability of occurrence (p(x). compute the expected value (mean), the variance, and standard deviation for the random variable. calculations for the mean.x 1 2 3 4 5p(x) .33 .29 .27 .07 .04arrow_forwardA large number of MBA applicants are given an aptitude test. Scores are normally distributed with a mean of 460 and standard deviation of 80. What is the probability a randomly chosen applicant scores 600 or above in this test? a. 0.5401 b. 0.0401 c. 0.4599 d. 0.0852arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning