Question

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10. Suppose you earn $12 an hour for tutoring but spend $8 an hour for dance lessons. You save the difference between what you carn and the cost of your lessons. The number of hours you spend on cach activity in a week varies independently according to the your expected weekly savings and the standard deviation of your weekly savings probability distribution s in Display 6.15. Find Hours of Dance Lessons, x Probability, p 0.4 0.3 0.3 Hours of Tutoring, y Probability, p 0.3 0.3 0.2 0.2

Answer 1

Given that: Hrs Dancing / Week Probability Hrs Tutoring / Week Probability 0.3 0.3 0.2 0.2 The expected value, variance and standard deviation for dancing is 0.4 0.3 0.3 40(0.4)+1(0.3)2(0.3) 0.9 Variance x)-]-() Z P(x 0.4(0)+0.3(0)+03(4)-(0.9) 1.5-0.81 0.69 Standard deviation - Variance 0.69 -0.8307

The expected value, variance and standard deviation for tutoring is, 4,-10.3)+2(03)+3(02)+4(0.2) -2.3 Variance 0.3(1)+03(4)+0.2(9)-0.2(16)-(2.3) = 6.5-529 Standar d deviation -NVariance =N1.21 The expect value for weekly savings, H2-sr is,