×
Log in to StudySoup
Get Full Access to Statistics - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Statistics - Textbook Survival Guide

A heavy-equipment salesperson can contact either one or

Mathematical Statistics with Applications | 7th Edition | ISBN: 9780495110811 | Authors: Dennis Wackerly; William Mendenhall; Richard L. Scheaffer ISBN: 9780495110811 47

Solution for problem 26E Chapter 3

Mathematical Statistics with Applications | 7th Edition

  • Textbook Solutions
  • 2901 Step-by-step solutions solved by professors and subject experts
  • Get 24/7 help from StudySoup virtual teaching assistants
Mathematical Statistics with Applications | 7th Edition | ISBN: 9780495110811 | Authors: Dennis Wackerly; William Mendenhall; Richard L. Scheaffer

Mathematical Statistics with Applications | 7th Edition

4 5 1 268 Reviews
24
1
Problem 26E

A heavy-equipment salesperson can contact either one or two customers per day with probability 1/3 and 2/3, respectively. Each contact will result in either no sale or a $50,000 sale, with the probabilities .9 and .1, respectively. Give the probability distribution for daily sales. Find the mean and standard deviation of the daily sales.3

Step-by-Step Solution:
Step 1 of 3

Solution 26E

Step1 of 3:

Let us consider a random variable “X” it presents daily sales and X can takes the values $0, $50,000, and $100,000 respectively. If X = 0, either the sales person contacted only one customer and failed to make a sale or the sales person contacted two customers and failed to make both sales. Salesperson can contact either one or two customers per day with probability 1/3 and 2/3, respectively, with the probabilities 0.9 and 0.1, respectively.

We need to find the mean and standard deviation of the daily sales.3.

Step2 of 3:

Take

= 0.3 + 0.54

                                                          = 0.84

Hence, P(X = 0) = 0.84.

If X = 2 the salesperson contacted two customers and made both sales.

So,

              = 0.00666

Hence, P(X = 2) = 0.00666.

Similarly,

P(X = 1) = 1 - 0.84 - 0.00666

= 0.15334

Hence, P(X = 1) = 0.15334.

Step3 of 3:

Consider,

Mean of the daily sales 3 is given by:

           

 

           ...

Step 2 of 3

Chapter 3, Problem 26E is Solved
Step 3 of 3

Textbook: Mathematical Statistics with Applications
Edition: 7
Author: Dennis Wackerly; William Mendenhall; Richard L. Scheaffer
ISBN: 9780495110811

Other solutions

Unlock Textbook Solution

Enter your email below to unlock your verified solution to:

A heavy-equipment salesperson can contact either one or

×
Log in to StudySoup
Get Full Access to Statistics - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Statistics - Textbook Survival Guide
×
Reset your password