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10th Edition

Ron Larson

Publisher: Cengage Learning

ISBN: 9781305860919

Chapter 9, Problem 17RE

Textbook Problem

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**Revenue** A publishing company introduces a new weekly magazine that sells for $3.95. The marketing group of the company estimates that the sales *x* (in thousands) will be approximated by the following probability function.

x |
10 |
15 |
20 |
30 |
40 |

P(x) |
0.10 | 0.20 | 0.50 | 0.15 | 0.05 |

Find *E*(*x*) and σ.

Find the expected revenue.

**(a)**

To determine

**To calculate:** The expected value

**Given Information:**

A new weekly magazine is sold for *x* (in thousands) is estimated to be approximated by the probability function:

**Formula used:**

If a discrete random variable takes the values

Variance of the random variable is defined as,

The standard deviation of the random variable is defined as,

**Calculation:**

Consider a new weekly magazine which is sold for *x* (in thousands) is estimated to be approximated by the probability function:

First use the provided probability function and the expected value formula

**(b)**

To determine

**To calculate:** The expected revenue of the probability function of a publishing company which introduces a new weekly magazine sold for

Calculus: An Applied Approach (MindTap Course List)

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