Find mean and variance of daily cost for use of tool

Reference no: EM131027886

The manager of a stockroom in a factory has constructed the following probability distribution for the daily demand (number of times used) for a particular tool.

y	0	1	2
p(y)	0.1	0.5	0.4

It costs the factory $10 each time the tool is used. Find the mean and variance of the daily cost for use of the tool.

Reference no: EM131027886

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