   Chapter 9.1, Problem 29E ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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# Revenue A publishing company introduces a new weekly magazine that sells for \$4.95. The marketing group of the company estimates that the sales x (in thousands) will be approximated by the following probability function. Find E ( x ), σ , and the expected revenue. X 10 15 20 30 40 P(x) 0.25 0.30 0.25 0.15 0.05

To determine

To calculate: The value of expected revenue, variance and standard deviation for probability distribution given as,

 x 10 15 20 30 40 P(x) 0.25 0.3 0.25 0.15 0.05
Explanation

Given Information:

The random variable and their probability are given as,

 x 10 15 20 30 40 P(x) 0.25 0.3 0.25 0.15 0.05

Formula used:

In the case, the set of values of a discrete random variable consist in district values x1,x2...xn then,

E(x)=x1P(x1)+x2P(x2)+...+xnP(xn)

If mean μ=E(x) then variance,

V(x)=(x1μ)2P(x1)+(x2μ)2P(x2)+...+(xnμ)2P(xn)

And the standard deviation,

σ=V(x)

Calculation:

Consider the given information,

x1=10P(x1)=0.25x2=15P(x2)=0.30

And,

x3=20P(x3)=0.25x4=30P(x4)=0

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