Pete’s Jeep Tours offers a popular day trip in a tourist area. Let C = the total amount of money that Pete collects on a randomly selected trip.
What is the expected value of C?
Answer should be in the form $10,200.31
What is the standard deviation of C?
Answer should be in the form $10,200.31
It costs Pete $100 to buy permits, gas, and a ferry pass for each day trip.
Let V = the amount of profit that Pete collects on a randomly selected trip.
How do the numbers in this profit table related to the numbers in question #1?
What is the expected value of V?
Answer should be in the form $10,200.31
How does the expected value of V compare to the expected value of C?
What is the Standard Deviation of V?
Answer should be in the form $10,200.31
How does the standard deviation of V compare to the standard deviation of C?
What is the expected value of T?
Answer should be in the form $10,200.31
What is the standard deviation of T?
Answer should be in the form $10,200.31
A large corporation has thousands of employees. The distribution of annual salaries for the employees is skewed to the right, with a mean of $68,000 and a standard deviation of $18,000. Because business has been good this year, the CEO of the company decides that every employee will receive a $5000 bonus. Let X be the current annual salary of a randomly selected employee before the bonus and Y be the employee’s salary after the bonus.
Describe the shape of the probability distribution of Y.
What is the center (mean) of the probability distribution of Y?
Answer should be in the form $10,200
What is the standard deviation of the probability distribution of Y?
Answer should be in the form $10,200
At this appliance store, the commission earned is $30 for each refrigerator sold. That is, if C = total commission earned for a randomly selected hour, C = 30R.
What is the center (mean) of the probability distribution of C?
Answer should be in the form $10,200.23
What is the standard deviation of the probability distribution of C?
Answer should be in the form $10,200.23
Round to the nearest tenth
Interpret the mean of Y
Find the standard deviation of Y. Round to the nearest hundreth
Interpret the standard deviation of Y
Round to the nearest hundredth
Are there any problems above that you would like to go over in class? Indicate the question numbers below (Numbers refer to the Formative question number). I'll try to cover anything that is highly requested.
