Get on the boat! Refer to Exercise 37. The ferry companys expenses are $20 per trip

Chapter 6, Problem 41

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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.

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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:

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