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) 0.238 0.117 0.103 0.084 0.051 0.021 0.034 0.352 A. Mean = B. Standard Deviation = The cost of parking is 4.5 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = B. Standard Deviation =
Added by John M.
Step 1
The mean (expected value) of a probability distribution is calculated as follows: Mean = Σ [x * P(x)] So, for this distribution: Mean = 1*0.238 + 2*0.117 + 3*0.103 + 4*0.084 + 5*0.051 + 6*0.021 + 7*0.034 + 8*0.352 = 4.67 hours The standard deviation is a bit Show more…
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