EBook Problems Distrib MeanVar

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(New page: == EBook Problems Set - Expectation (Mean) and Variance== ===Problem 1=== Ming’s Seafood Shop stocks live lobsters...)
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Revision as of 01:14, 27 November 2008

EBook Problems Set - Expectation (Mean) and Variance

Problem 1

Ming’s Seafood Shop stocks live lobsters. Ming pays $6.00 for each lobster and sells each one for $12.00. The demand X for these lobsters in a given day has the following probability mass function.

X 0 1 2 3 4 5
P(x) 0.05 0.15 0.30 0.20 0.20 0.1

What is the Expected Demand?

  • Choose one answer.
(a) 13.5
(b) 3.1
(c) 2.65
(d) 5.2


Problem 2

If sampling distributions of sample means are examined for samples of size 1, 5, 10, 16 and 50, you will notice that as sample size increases, the shape of the sampling distribution appears more like that of the:

  • Choose one answer.
(a) normal distribution
(b) uniform distribution
(c) population distribution
(d) binomial distribution





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