Outcome of the bivariate random variable

Assignment Help Basic Statistics

Reference no: EM13973695

The weekly average price (in dollars/foot) and total quantity sold (measured in thousands of feet) of cop per wire manufactured by the Colton Cable Co. can be viewed as the outcome of the bivariate random variable (P, QJ having the joint density function f( p, q) = 5pe-pq Ip, JJ(p)I10,ooi(q).

a. What is the probability that total dollar sales in a week will be less than $2,000?

b. Find the marginal density of price. What is the prob ability that price will exceed $.25/foot?

c. Find the conditional density of quantity, given price = .20. What is the probability that > 5,000 feet of cable will be sold in a given week?

d. Find the conditional density of quantity, given price = .10. What is the probability that > 5,000 feet of cable will be sold in a given week? Compare this result to your answer in (c). Does this make economic sense? Explain.

Reference no: EM13973695

Questions Cloud

Mobile and wireless : "Mobile and Wireless"Decide whether or not mobile computing and wireless computing are synonymous. Provide at least two (2) reasons to support your assertion and justify your response.

What is the poems basic story and what happens in the poem : What happens in the poem? What is the poem's basic story? What is the trouble or conflict in this poem? Where is the poem set? Where was it written? What does this setting say about the poem overall?

Find the total kinetic energy increase in the process : An unstable atomic nucleus of mass 1.60 x 10-26 kg initially at rest disintegrates into three particles. Find the Velocit of partical 3, and find the total kinetic energy increase in the process

A gentle introduction to optimization : 4. ("A Gentle Introduction to Optimization", by B. Guenin, J. K¨onemann and L. Tun¸cel, CambridgeUniversity Press, 2014) You wish to build a house and you have divided the processinto a number of tasks, namely:

Outcome of the bivariate random variable : The weekly average price (in dollars/foot) and total quantity sold (measured in thousands of feet) of cop per wire manufactured by the Colton Cable Co. can be viewed as the outcome of the bivariate random variable (P, QJ having the joint densi..

Outcome of a random variable : Intelligent Electronics, Inc., manufactures mono chrome liquid crystal display (LCD) notebook computer screens. The number of hours an LCD screen functions until failure is represented by the outcome of a random variable X having range R(X) ..

Improve the effectiveness of public relations communication : How could the message have been communicated more effectively? Discuss at least two tools that could have been used to improve the effectiveness of the public relations communications. Answer in 525 to 700 words.

How far does water travel with your thumb over end of hose : The water reaches a maximum distance of lo m from where you are standing. Now you place your thumb over the end of the hose to occlude the opening by 80%, which in turn reduces the flow rate by 50%. Even though less fluid emerges the water travels..

Exponential population distributions : The Reliable Computer Co. is considering purchasing CPU chips from one of two different suppliers to use in the production of personal computers.

User Account

All Pages