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Chapter 6: Q.3.3 (page 373)

A large auto dealership keeps track of sales and leases agreements made during each hour of the day. Let X= the number of cars sold and Y= the number of cars leased during the 铿乺st hour of business on a randomly selected Friday. Based on previous records, the probability distributions of Xand Yare as follows:

顿别铿乶别 D=X-Y.

The dealership鈥檚 manager receives a 500bonus for each car sold and a300 bonus for each car leased. Find the mean and standard deviation of the difference in the manager鈥檚 bonus for cars sold and leased. Show your work.

Short Answer

Expert verified

From the given information, the mean and standard deviation are340 and509.09 respectively

Step by step solution

01

Given Information

It is given in the question that,

渭蠂=1.1,蟽蠂=0.943

渭纬=0.7,蟽纬=0.64

02

Explanation

The mean and standard deviation of total bonus of manager can be calculated as:

渭B=500(1.1)鈭�300(0.7)=340

蟽B=500(0.943)2+300(0.64)2=509.09

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