The local Toyota dealership pays an average of $9,260 with a standard deviation of $1099 for used car trade-ins. They sell new c
ars at an average of $28,451 with a standard deviation of
$3392. Assume independence of new car and trade-ins. What are the mean and standard
deviation of the revenue this dealership should expect when a person trades in a car and purchases a new one?
$3392. Assume independence of new car and trade-ins. What are the mean and standard
deviation of the revenue this dealership should expect when a person trades in a car and purchases a new one?
1 answer:
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Answer:
(a) 2.22
(b) 1.3986
(c) 1.183
Step-by-step explanation:
Let <em>X</em> denote the number of women who consider themselves fans of professional baseball.
The proportion of women who consider themselves fans of professional baseball is, <em>p</em> = 0.37.
A random sample of <em>n</em> = 6 women are selected and each was asked if she considers herself a fan of professional baseball.
Each woman's reply is independent of the others.
The random variable <em>X</em> thus follows a binomial distribution with parameters <em>n</em> = 6 and <em>p</em> = 0.37.
(a)
Compute the mean of the binomial distribution as follows:
(b)
Compute the variance of the binomial distribution as follows:
(c)
Compute the standard deviation of the binomial distribution as follows: