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

Stats: Modeling The World | 3rd Edition | ISBN: 9780131359581 | Authors: David E. Bock

Problem 43 Chapter 16

Stats: Modeling The World | 3rd Edition

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Stats: Modeling The World | 3rd Edition | ISBN: 9780131359581 | Authors: David E. Bock

Stats: Modeling The World | 3rd Edition

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Problem 43

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?

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Textbook: Stats: Modeling The World
Edition: 3
Author: David E. Bock
ISBN: 9780131359581

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