Question

3. The number of book-case units ordered in any one month varies between 100 and 1400 units, as per the probability model that is found in the associated RegINdust.csv file. Only the first 6 entries of this probability model are shown below (See associated file for full model). X PrX 100 0.3316 300 0.2558 650 0.0920 800 0.1620 850 0.1412 1050 0.0149 Table 1: First 6 entries of the probability model circumscribing the number of units of book-cases that will be demanded per month. Caution for the full model please consult the RegIndust.csv file.

(a) (1 point) Is the full probability model proper ? Justify your answer.

(b) (1 point) Please determine the expected value for X

(c) (2 points) Determine the standard deviation for X.

(d) (1 point) Determine the coefficient of variation for X

Answer 1

ANSWER::

(a)

NO, the probability model is not proper since,

0.3316+0.2558+0.0920+0.1620+0.1412+0.0149=0.9975<1

(b)

E(X)=X*prX=425.965

(c)

V(X)=X2*PrX- (X*PrX)2

V(X)=197748.4-181446.1812

V(X)=16302.2188

S.D.(X)=V(X)=16302.2188=127.680

(d)

C.V(X)=(S.D(X)/E(X))*100

C.V(X)=(127.680/425.965)*100

C.V(X)=0.2997*100

C.V(X)=299.7%

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