Solution Found!
Get on the boat! Refer to Exercise 37. The ferry companys expenses are $20 per trip
Chapter 6, Problem 41(choose chapter or problem)
Get on the boat! Refer to Exercise 37. The ferry company's expenses are $20 per trip. Define the random variable Y to be the amount of profit (money collected minus expenses) made by the ferry company on a randomly selected trip. That is, Y = M 20.
(a) Find and interpret the mean of Y.
(b) Find and interpret the standard deviation of Y.
Questions & Answers
QUESTION:
Get on the boat! Refer to Exercise 37. The ferry company's expenses are $20 per trip. Define the random variable Y to be the amount of profit (money collected minus expenses) made by the ferry company on a randomly selected trip. That is, Y = M 20.
(a) Find and interpret the mean of Y.
(b) Find and interpret the standard deviation of Y.
ANSWER:Step 1 of 4
Given,
The ferry company’s expenses = $20.
Y = M - 20 (amount of profit made by the ferry company on a randomly selected trip)
Let’s determine the following: