A certain brand of upright freezer is available in three different rated capacities: 16 ft3, 18 ft3, and 20 ft3. Let X = the rated capacity of a freezer of this brand sold at a certain store. Suppose that X has pmf x 16 18 20 p(x) 0.2 0.5 0.3 a. Compute E(X), E(X2), and V(X). b. If the price of a freezer having capacity X is 70X - 650, what is the expected price paid by the next customer to buy a freezer? c. What is the variance of the price paid by the next customer? d. Suppose that although the rated capacity of a freezer is X, the actual capacity is h(X) = X - 0.008X2. What is the expected actual capacity of the freezer purchased by the next customer?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A certain brand of upright freezer is available in three
different rated capacities: 16 ft3, 18 ft3, and 20 ft3. Let
X = the rated capacity of a freezer of this brand sold at
a certain store. Suppose that X has pmf
| x | 16 | 18 | 20 |
| p(x) | 0.2 | 0.5 | 0.3 |
a. Compute E(X), E(X2), and V(X).
b. If the price of a freezer having capacity X is
70X - 650, what is the expected price paid by the
next customer to buy a freezer?
c. What is the variance of the price paid by the next
customer?
d. Suppose that although the rated capacity of a freezer
is X, the actual capacity is h(X) = X - 0.008X2. What
is the expected actual capacity of the freezer purchased by the next customer?
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
