44. Bike sale. The bicycle shop in Exercise 42 will be
Chapter 16, Problem 44(choose chapter or problem)
44. Bike sale. The bicycle shop in Exercise 42 will be offering2 specially priced childrens models at a sidewalksale. The basic model will sell for $120 and the deluxemodel for $150. Past experience indicates that sales of thebasic model will have a mean of 5.4 bikes with a standarddeviation of 1.2, and sales of the deluxe model will have amean of 3.2 bikes with a standard deviation of 0.8 bikes.The cost of setting up for the sidewalk sale is $200.a) Define random variables and use them to express thebicycle shops net income.b) Whats the mean of the net income?c) Whats 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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