A typical consumer buys a random number (X) of polo shirts when he shops at a men’s clothing store..

A typical consumer buys a random number (X) of polo shirts when he shops at a men’s clothing store..

A typical consumer buys a random number (X) of polo shirts when he shops at a men’s clothing store. The distribution of X is given by the following probability distribution: P(X = 0) = 0.30, P(X 1) 0.30, P(X 2) 0.20, P(X 3) 0.10, and P(X 4) 0.10. a. Find the mean and standard deviation of X. b. Assuming that each shirt costs $35, let Y be the total amount of money (in dollars) spent by a customer when he visits this clothing store. Find the mean and standard deviation of Y. c. Find the probability that a customer’s expenditure will be more than one standard deviation above the mean expenditure level.

Looking for a similar assignment? Get help from our qualified experts!

Order Now

Related Posts