SOLUTION: 2.A businessman evaluated his chance of obtaining a contract to produce 1,000, 1,500, 2,000, 2,500 or 3,000 pairs of shoes as follows: Number of pairs 1,000 1,500 2,000 2,500 3,

Question 691675: 2.A businessman evaluated his chance of obtaining a contract to produce 1,000, 1,500, 2,000, 2,500 or 3,000 pairs of shoes as follows:
Number of pairs 1,000 1,500 2,000 2,500 3,000
Probability------16k-----8k------4k-------2k------k
(a) Find the value of k, the chance of producing 3,000 pairs of shoes in one contract.
(b) What are the expectation and standard deviation of pairs of shoes to be produced in one contract?
(c) Suppose the businessman will get $200 for each pair of shoes. What are the expectation and standard deviation of revenue gain in one contract?
(d) Suppose the businessman obtains 10 independent contacts this month. What are the expectation and standard deviation of total revenue gain among 10 contracts?

Answer by tonynng(1) (Show Source): You can put this solution on YOUR website!

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