Given:
The inequalities are:
or
To find:
The solution for the given inequalities and graph the solution.
Solution:
We have,
or
Solve the above inequalities separately.
Divide both sides by -5.
...(i)
And,
Divide both sides by 2.
...(ii)
From (i) and (ii). we get
or
The interval notation of the solution is .
The graph of the solution is shown below.
Answer:
E(Y) = $0.5
Var(Y) = 14.25
you should pay the same amount $0.5
Step-by-step explanation:
E(Y) = = Σ(YP)
P = probability of each outcomes.
Var(Y) = Σp − (μ x μ)
E(Y) = (2 x 0.25) +(6 x 0.25) + (0.5 x (-3)) = $0.5
Var(Y) = (x 0.25) + (
x 0.25) +(
x 0.5) - (
)
= 14.5 - 0.25
Var(Y) = 14.25
for the difference between the payoff and cost of playing to have mean 0, you should pay the same amount $0.5