Due Thu 09/28/2017 11:59 pm 2.38 Baggage fees: An airline charges the following

Question

Due Thu 09/28/2017 11:59 pm 2.38 Baggage fees: An airline charges the following baggage fees: $25 for the first bag and $40 for the second Suppose 45 % of passengers have no checked luggage, 31% have only one piece of checked luggage and 24% have two pieces. We suppose a negligible portion of people check more than two bags a) The average baggage-related revenue per passenger is: S b) The standard deviation of baggage-related revenue is: $ c) About how much revenue should the airline expect for a flight of 100 passengers? $ D round to the nearest dollar) (please round to the nearest cent) (please round to the nearest cent) please License Points possible: 3 Unlimited attempts. Submit

Explanation / Answer

The distribution will be

Probability Price

0.45 0

0.31 25

0.24 40

a) Average = 0.45*0+0.31*25+0.24*40 = 17.35

b) Standard deviation = 16.64

c) 1735

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