Econ214_Problem Set_2016-2017.pdf

3 an office furniture store is having a sale on a

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3. An office furniture store is having a sale on a certain type of office chair. The chairs are priced at GH¢800 per chair. The probability distribution for the number of chairs sold to an individual customer is Number of chairs 1 2 3 4 Probability 0.15 0.40 0.10 0.35 a) Find the probability that the number of chairs sold to an individual customer is odd. b) Find the expected number and standard deviation of chairs sold to an individual customer. c) Find the expected amount and standard deviation of the amount a customer pays for the chairs he or she buys. d) The delivery charge for an order of chairs is GH¢100. Find the expected amount and standard deviation of the amount a customer pays for the chairs he or she buys, including the delivery charge.
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