RSM260H1 Study Guide - Final Guide: Binomial Distribution, Standard Deviation, Random Variable
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The number of clips per package is random with a mean of 80 and a standard deviation of 2. 4. The cost in cents of producing a package of clips is (10 + 1. 5*x), where x is the number of clips in the package. The revenue from selling the package, however many clips are in it, is . 50. If profit is defined as the difference between revenue and cost, what is the mean and standard deviation of profit per package: 0. 20, 0. 018, 0. 20 , 0. 036, 0. 20, 0. 332, 0. 25, 0. 018, none of the above. Consider a binomially distributed random variable x where the probability of success is 0. 15. What is the probability that the number of successes is within one standard deviation of the mean: 62, 64, 66, 68, none of the above. If the number of trials is 1000, what is the probability that the number of successes is within one standard deviation of the mean: 62, 64, 66, 68, 70%
