The number of suits sold per day at a retail store is shown inthe table, with th

Question

The number of suits sold per day at a retail store is shown inthe table, with the corresponding probabilities. Find themean, variance, and standard deviation of the distribution. Numer of suits soldX                        19     20        21         22      23 Probability                0.2    0.2       0.3          0.2     0.1 If the manager of the retail store wants to be sure that hehas enough suits for the next 5 days, how many should the managerpurchase? The number of suits sold per day at a retail store is shown inthe table, with the corresponding probabilities. Find themean, variance, and standard deviation of the distribution. Numer of suits soldX                        19     20        21         22      23 Probability                0.2    0.2       0.3          0.2     0.1 If the manager of the retail store wants to be sure that hehas enough suits for the next 5 days, how many should the managerpurchase?

Explanation / Answer

Mean: = E(X) = xp(x) = (19)(.2) + (20)(.2) + (21)(.3)+ (22)(.2) + (23)(.1) = 20.8 Variance: 2 = V(X) = E(X-)2 =(x-)2p(x) = (19-20.8)2(.2) +(20-20.8)2(.2) + (21-20.8)2(.3) +(22-20.8)2(.2) + (23-20.8)2(.1) = 81/125 +16/125 + 3/250 + 36/125 + 121/250 = 39/25 = 1.56 Standard Deviation: = +2 =1.56 = 1.25 Need to purchase: = 20.8

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