A retail grocery merchant figures that her daily gain X from sales is a normally distributed random variable with = 50 and = 3 (measurements in dollars). X can be negative if she is forced to dispose of enough perishable goods. Also, she figures daily overhead costs Y to have a gamma distribution with = 4 and = 2. If X and Y are independent, find the expected value and variance of her net daily gain. Would you expect her net gain for tomorrow to rise above $70?

Lecture3-SamplingBasics Tuesday,August23,2:00PM • ○ ^Reviewfromthepreviouslecture • Population andSample ○ Population- everybodythattheresearchistargeting § Populationresultsarecalled populationparameters ○ Sample- thesubsetofthepopulationthatactuallyparticipatesintheresearch § Makesdatacollectionmanageable...