8. With an American penny, the likelihood of getting H when it is spun on edgeis 0.3. If X is the random variable where X (H) = 1, X(T) = −1, find theexpected value E(X), the variance, Var(X), and express X in its standard form.

Let X be a standard variable and have 2 values x1,x2 with related probabilities p(x1),p(x2) Expected…

Answered: 8. With an American penny, the…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 4MC

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Anticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,200 pounds and standard deviation 100 pounds. a. What is the probability that demand will be between 1,100 and 1,300 pounds? Calculate in 4 decimal place. b. The probability is 0.10 that demand will be more than how many pounds?
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8. With an American penny, the likelihood of getting H when it is spun on edge is 0.3. If X is the random variable where X (H) = 1, X(T) = −1, find the expected value E(X), the variance, Var(X), and express X in its standard form.