Elementary Statistics: A Step-by-Step Approach with Formula Card 9th Edition

Published by McGraw-Hill Education
ISBN 10: 0078136334
ISBN 13: 978-0-07813-633-7

Chapter 5 - Discrete Probability Distributions - 5-2 Mean, Variance, Standard Deviation, and Expectation - Exercises 5-2 - Page 272: 2

Answer

$\mu= 20.8$ $\sigma^2=1.56$ $\sigma=1.249$ $104$ suits.

Work Step by Step

Use the formula for weighted mean, we have $\mu= (0.2×19+0.2×20+0.3×21+0.2×22+0.1×23) / (0.2+0.2+0.3+0.2+0.1) = 20.8$ Use the formula for weighted variance, we have $\sigma^2=(0.2×(19-20.8)²+0.2×(20-20.8)²+0.3×(21-20.8)²+0.2×(22-20.8)²+0.1×(23-20.8)²) / (0.2+0.2+0.3+0.2+0.1) ) = 1.56$ The standard deviation can be found as $\sigma=\sqrt {\sigma^2}=1.249$ If the manager of the retail store wants to be sure that he has enough suits for the next 5 days, he should purchase $5\times\mu=5\times20.9=104$ suits.
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