Let X denote the number of cars sold by a sales associate on any given day. Supp
ID: 3331545 • Letter: L
Question
Let X denote the number of cars sold by a sales associate on any given day. Suppose the probability distribution for X is given by the following table. 4. 0 0.3 1 2 0.2 0.1 Find P(X=1). b. a. Find P(X 1). idECX) d. Suppose the associate makes a day rate of $100 as well as $500 for each car sold. Let Y equal the associate's total daily wages. Find the probability distribution for Y. e. Find ECY). Consider the following game: A fair coin is flipped twice. For each toss, the player wins $1 if the coin lands heads, and loses $1 if the coin lands tails. Let X denote the player's net winnings. a. What are the possible values for X? b. Find the probability distribution for X. c. Find E(X). 5.Explanation / Answer
4. a) P(X = 1) = 1 - (0.3 + 0.2 + 0.1) = 1 - 0.6 = 0.4
b) P(X > 1) = 0.2 + 0.1 = 0.3
c) E(X) = Sum of X*p(X) = 0*0.3 + 1*0.4 + 2*0.2 + 3*0.1 = 0 + 0.4 + 0.4 + 0.3 = 1.1
d) In this case, the probability distribution of Y will be:
e) E(Y) = Sum of Y*p(Y) = 100*0.3 + 600*0.4 + 1100*0.2 + 1600*0.1 = $650
Y 100 + 0(500) = 100 100 + 1(500) = 600 100 + 2(500) = 1100 100 + 3(500) = 1600 p(Y) 0.3 0.4 0.2 0.1Related Questions
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