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Business statistics

Homework #8

Question 1 refers to the finite random variable X, whose p.m.f. is given below.

x 0 1 2 4 8
fX(x) 0.1 0.2 0.4 0.2 0.1

Compute the mean, X, variance, V(X), and standard deviation, , of X.

Questions 6 and 7 refer to the random variable X which gives the number of customers who visit my business in a given day. You know that the parameters of X are X = 130 and X = 25, but I do not know the p.d.f. or the c.d.f. for X. Let be the random variable that is the mean of a random sample of size n = 100 days.

6. Find , , and

7. Give a formula for the random variable, S, that is the standardization of . . What is the approximate distribution of S?


Solution Summary

-This is a series of business-related statistics problems