43. Farmers market. A farmer has 100 lb of apples and50 lb of potatoes for sale. The market price for apples (perpound) each day is a random variable with a mean of 0.5dollars and a standard deviation of 0.2 dollars. Similarly,for a pound of potatoes, the mean price is 0.3 dollars andthe standard deviation is 0.1 dollars. It also costs him 2dollars to bring all the apples and potatoes to the market.The market is busy with eager shoppers, so we can assumethat hell be able to sell all of each type of produceat that days price.a) Define your random variables, and use them to expressthe farmers net income.b) Find the mean.c) Find the standard deviation of the net income.d) Do you need to make any assumptions in calculatingthe mean? How about the standard deviation?

# 43. Farmers market. A farmer has 100 lb of apples and50 lb

## Problem 43 Chapter 16

Stats: Modeling The World | 3rd Edition

- 2901 Step-by-step solutions solved by professors and subject experts
- Get 24/7 help from StudySoup virtual teaching assistants

Stats: Modeling The World | 3rd Edition

Get Full Solutions
15

5

Problem 43

Step-by-Step Solution:

Step 1 of 3

Step 2 of 3

Step 3 of 3

#### People also purchased

#### Related chapters

×

Log in to StudySoup

Get Full Access to
Stats: Modeling The World - 3 Edition - Chapter 16 - Problem 43

or

Don't have a StudySoup account? Create one here!

Join StudySoup for FREE

Get Full Access to
Stats: Modeling The World - 3 Edition - Chapter 16 - Problem 43

Already have an account?
Login here

Forgot password?
Reset your password here

I don't want to reset my password

Need help? Contact support

We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Password Reset Request Sent
An email has been sent to the email address associated to your account.
Follow the link in the email to reset your password.
If you're having trouble finding our email please check your spam folder

Incorrect Password
The password used to log in with this account is incorrect

Forgot password? Reset it here