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In the daily production of a certain kind of rope, the
Chapter 3, Problem 139E(choose chapter or problem)
Problem 139E
In the daily production of a certain kind of rope, the number of defects per foot Y is assumed to have a Poisson distribution with mean λ = 2. The profit per foot when the rope is sold is given by X, where X = 50 − 2Y − Y 2. Find the expected profit per foot.
Questions & Answers
QUESTION:
Problem 139E
In the daily production of a certain kind of rope, the number of defects per foot Y is assumed to have a Poisson distribution with mean λ = 2. The profit per foot when the rope is sold is given by X, where X = 50 − 2Y − Y 2. Find the expected profit per foot.
ANSWER:
Solution:
Step 1 of 2:
It is given that Y is the number of defects per foot in the production of certain kind of rope and it is assumed to have the Poisson distribution with mean =2.
Also, it is given that the profit per foot when the rope is sold is X=50-2Y-.
We need to find the expected profit per foot.