Question
In: Statistics and Probability
You have a small business that makes and sells cowboy hats. the number of hats you...
You have a small business that
makes and sells cowboy hats. the number of hats you make and sell
per week is a random variable x. the mean of x is 40 hats and the
standard deviation of x is 3 hats. each hat sells for $50. your
weekly costs of production are a random variable Y. the mean of Y
is $600 and the standard deviation of Y is $100. the covariance
between x and y is negative. Cov(x,y) is minus 25 hats times
dollars.
a) Profit is revenue from selling
hats minus production costs. Let W represent weekly profit, in
dollars. Calculate the expected weekly profit.
b) Calculate the variance of
weekly profit.
c) Assume that both X and Y are
approximately normally distributed. what is the probability that
weekly profit will be more than $1,150? Four decimals
Solutions
orchestra answered 2 years agoRelated Solutions
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