During an eight-hour shift, the proportion of time Y that a sheet-metal stamping machine is down...

During an eight-hour shift, the proportion of time Y that a sheet-metal stamping machine is down for maintenance or repairs has a beta distribution with α = 1 and β = 2. That is,

f(y) =

2(1 − y),	0 ≤ y ≤ 1,
0,	elsewhere.

The cost (in hundreds of dollars) of this downtime, due to lost production and cost of maintenance and repair, is given by

C = 10 + 30Y + 3Y².

Find the mean and variance of C. (Round your answers to two decimal places.)

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Expert Solution

orchestra answered 1 year ago

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