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Farmers' market A farmer has 100 lb of apples and 50 lb of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mear of 0.5 dollars and a standard deviation of 0.2 dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him $2 to bring all the apples and potatoes to the market. The market is busy with eager shoppers, so we can assume that he'll be able to sell all of each type of produce at that day's price. a) Define your random variables, and use them to express the farmer's net income. b) Find the mean. c) Find the standard deviation of the net income. d) Do you need to make any assumptions in calculat- ing the mean? How about the standard deviation?

Farmers' market A farmer has 100 lb of apples and 50 lb of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mear of 0.5 dollars and a standard deviation of 0.2 dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him $2 to bring all the apples and potatoes to the market. The market is busy with eager shoppers, so we can assume that he'll be able to sell all of each type of produce at that day's price. a) Define your random variables, and use them to express the farmer's net income. b) Find the mean. c) Find the standard deviation of the net income. d) Do you need to make any assumptions in calculat- ing the mean? How about the standard deviation?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 19PPS
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Farmers' market A farmer has 100 lb of apples and 50 lb of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mear of 0.5 dollars and a standard deviation of 0.2 dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him $2 to bring all the apples and potatoes to the market. The market is busy with eager shoppers, so we can assume that he'll be able to sell all of each type of produce at that day's price. a) Define your random variables, and use them to express the farmer's net income. b) Find the mean. c) Find the standard deviation of the net income. d) Do you need to make any assumptions in calculat- ing the mean? How about the standard deviation?
Transcribed Image Text:Farmers' market A farmer has 100 lb of apples and 50 lb of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mear of 0.5 dollars and a standard deviation of 0.2 dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him $2 to bring all the apples and potatoes to the market. The market is busy with eager shoppers, so we can assume that he'll be able to sell all of each type of produce at that day's price. a) Define your random variables, and use them to express the farmer's net income. b) Find the mean. c) Find the standard deviation of the net income. d) Do you need to make any assumptions in calculat- ing the mean? How about the standard deviation?
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