/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Problem 60 A toll bridge charges \(\$ 1.00\... [FREE SOLUTION] | 91Ó°ÊÓ

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A toll bridge charges \(\$ 1.00\) for passenger cars and \(\$ 2.50\) for other vehicles. Suppose that during daytime hours, \(60 \%\) of all vehicles are passenger cars. If 25 vehicles cross the bridge during a particular daytime period, what is the resulting expected toll revenue? [Hint: Let \(X=\) the number of passenger cars; then the toll revenue \(h(X)\) is a linear function of \(X .]\)

Short Answer

Expert verified
The expected toll revenue is \(\$40.00\).

Step by step solution

01

Determine Expected Number of Passenger Cars

Let \( X \) be the number of passenger cars out of the total 25 vehicles. Given that \( 60\% \) of vehicles are passenger cars, the expected number of passenger cars is calculated as \( E(X) = 25 \times 0.6 = 15 \).
02

Calculate Revenue for Passenger Cars

Passenger cars are charged \( \\(1.00 \) each. If there are \( X = 15 \) expected passenger cars, the expected toll revenue from passenger cars is \( 15 \times 1.00 = \\)15.00 \).
03

Determine Expected Number of Other Vehicles

Since there are 25 vehicles in total and \( X = 15 \) are passenger cars, the number of other vehicles is expected to be \( 25 - 15 = 10 \).
04

Calculate Revenue for Other Vehicles

Other vehicles are charged \( \\(2.50 \) each. With 10 expected other vehicles, the expected toll revenue from these is \( 10 \times 2.50 = \\)25.00 \).
05

Total Expected Toll Revenue

Add the expected revenues from passenger cars and other vehicles: \( \\(15.00 + \\)25.00 = \$40.00 \).

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Expected Value
The concept of expected value is pivotal in probability theory and statistics. It gives us the average or mean outcome we can anticipate from a particular random event if we could repeat it many times. In our toll bridge exercise, we identify the expected value by calculating how many passenger cars would typically cross during the daytime period.

To find this expected value, we take the total number of vehicles, which is 25, and multiply it by the probability that a vehicle is a passenger car, which is 60% or 0.6. Mathematically, this is expressed as:
  • \( E(X) = 25 \times 0.6 = 15 \)
Thus, we expect on average to have 15 passenger cars in this period.
Linear Function
A linear function is an essential concept in algebra and calculus. It describes a relationship in which the change in the output is directly proportional to the change in the input. In the context of the toll revenue calculation exercise, the function for toll revenue is linear because the revenue changes at a constant rate with respect to the number of passenger cars.

Here, the toll revenue can be expressed as a linear function, \( h(X) \), where \( X \) represents the number of passenger cars, so:
  • For each passenger car crossing the bridge, \( \\(1.00 \) is added to the revenue.
  • For the other types of vehicles, \( \\)2.50 \) is added per vehicle.
Thus, the revenue function illustrates how changes in \( X \) (the number of passenger cars) affect the total revenue.
Probability Distribution
A probability distribution shows how the probabilities are distributed over the possible values of a random variable. In the toll revenue task, while the exercise simplifies the probability distribution by providing a direct expected value, typically you would examine the distribution of various numbers of passenger cars that might cross.

Since each type of vehicle crossing has an associated probability (60% for passenger cars and 40% for other vehicles), this determines how likely each specific configuration of vehicles is. This probability framework helps to compute expected values and analyze vehicle patterns on larger time scales.

Understanding this distribution is key to estimating revenues and making data-driven forecasts and decisions.
Toll Revenue Calculation
Calculating the expected toll revenue involves combining the revenues from both passenger cars and other vehicles. Once we've predicted the expected number of each vehicle type, calculating the revenue becomes straightforward by multiplying the number of each type by their respective tolls.

For passenger cars, with an expected 15 cars at \( \\(1.00 \) each, we get:
  • \( 15 \times 1.00 = \\)15.00 \)
Other vehicles, with 10 expected and charged \( \\(2.50 \) each, result in:
  • \( 10 \times 2.50 = \\)25.00 \)
Adding these gives the total expected toll revenue:
  • \( 15.00 + 25.00 = \$40.00 \)
This calculation helps bridge operators understand the anticipated revenue during specific times and make necessary planning and budgeting decisions.

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Most popular questions from this chapter

A personnel director interviewing 11 senior engineers for four job openings has scheduled six interviews for the first day and five for the second day of interviewing. Assume that the candidates are interviewed in random order. a. What is the probability that \(x\) of the top four candidates are interviewed on the first day? b. How many of the top four candidates can be expected to be interviewed on the first day?

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