Compute E(X), E(X2), and V(X). E(X) = ft3 E(X2) = V(X) = (b) If the price of a freezer having capacity X is 67X − 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

Compute E(X), E(X2), and V(X). E(X) = ft3 E(X2) = V(X) = (b) If the price of a freezer having capacity X is 67X − 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

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.6: Exponential And Logarithmic Equations

Problem 64E

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Question

An 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 the following pmf.

x	16	18	20
p(x)	0.4	0.1	0.5

(a) Compute E(X), E(X²), and V(X).

E(X)	= ft³
E(X²)	=
V(X)	=

(b) If the price of a freezer having capacity X is 67X − 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 − 0.009X². What is the expected actual capacity of the freezer purchased by the next customer? (Enter your answer to four decimal places.)

Expert Solution