Answer to Question #309910 in Statistics and Probability for ced

Question

1. Marketing estimates that a new instrument for the analysis of soil samples will be very

successful, moderately successful, or unsuccessful, with probabilities 0.3, 0.6, and 0.1,

respectively. The yearly revenue associated with a very successful, moderately

successful, or unsuccessful is $10 million, $5 million, and $1 million, respectively. Let the

random variable X denote the yearly revenue of the product. Determine:

a) the mass function of X;

b) the mean of X; and

c) the variance of X.