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Math Help - Into Statistics: Expected Value, Varience, Probability

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    Into Statistics: Expected Value, Varience, Probability

    At supermarkets in a Midwestern city the sales of canned tuna varies from week to
    week. Marketing researchers have determined that there is a relationship between
    sales of canned tuna and the price of canned tuna. Specifically, SALES = 40710
     - 430PRICE where SALES are cans sold per week and PRICE is measured in cents
    per can. Suppose PRICE over the year can be considered (approximately) a normal
    random variable with mean 75 cents and standard deviation 5 cents. That is
    PRICE ~ N(75, 25).
    (a) What is the numerical expected value of SALES? Show your work.
    (b) What is the numerical value of the variance of SALES? Show your work.
    (c) Find the probability that more than 6,300 cans are sold in a week. Draw a sketch
    illustrating the calculation.
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    Senior Member MaxJasper's Avatar
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    Lightbulb Re: Into Statistics: Expected Value, Varience, Probability


    a) 8460
    b) 38560
    c) 15.754%
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