29. Marketing estimates that a new instrument for the analysis of soil samples w

Question

29. Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful, with probabilities 0.3, 0.6, and 0.1, respectively. The yearly revenue associated with a very successful, moderately success- ful, or unsuccessful product is $10 million, $5 million, and $1 million, respectively. Let the random variable X denote the yearly revenue of the product (a) Determine the probability mass function of X (b) Determine the cumulative distribution function of X

Explanation / Answer

a)

X P(X) 10 0.3 5 0.6 1 0.1 b) X cdf 1 0.3 5 0.9 10 1

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