When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: X 1 2 3 4 5 6 7 8 P(X) 0.236 0.108 0.101 0.075 0.061 0.023 0.028 0.368 A. Mean = B. Standard Deviation = The cost of parking is 2 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =
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Step 1
Mean (µ) = Σ [x * P(x)] µ = (1 * 0.236) + (2 * 0.108) + (3 * 0.101) + (4 * 0.075) + (5 * 0.061) + (6 * 0.023) + (7 * 0.028) + (8 * 0.368) µ = 4.855 Show more…
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When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: X | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 P(X) | 0.208 | 0.111 | 0.122 | 0.087 | 0.058 | 0.036 | 0.032 | 0.346 A. Mean = 4.642 B. Standard Deviation = 2.837 The cost of parking is 3.5 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =
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When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: X | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 P(X) | 0.211 | 0.101 | 0.106 | 0.088 | 0.06 | 0.04 | 0.031 | 0.363 A. Mean = B. Standard Deviation = The cost of parking is 2.75 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =
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