A pillow that usually costs $18 is marked down 25%. Use the table to find the pillow’s new price.
2 answers:
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Answer:
a). The mean = 1000
The variance = 999,000
The standard deviation = 999.4999
b). 1000 times , loss
Step-by-step explanation:
The mean of geometric distribution is given as ,
And the variance is given by,
Given :
= 0.001
The formulae of mean and variance are :
a). Mean =
=
= 1000
Variance =
=
= 999,000
The standard deviation is determined by the root of the variance.
= = 999.4999
b). We expect to have play lottery 1000 times to win, because the mean in part (a) is 1000.
When we win the profit is 500 - 1 = 499
When we lose, the profit is -1
Expected value of the mean μ is the summation of a product of each of the possibility x with the probability P(x).
= $ 0.50
Since the answer is negative, we are expected to make a loss.
First, recall that
So if , then
.
Second,
We know that and
, which means we should also have
.
Third,
but as we've already shown, we need to have , so we pick the negative root.
Finally,
Unfortunately, none of the given answers match, so perhaps I've misunderstood one of the given conditions... In any case, this answer should tell you everything you need to know to find the right solution from the given options.