Question

Submit Answer 6. [0/10 Points] DETAILS PREVIOUS ANSWERS DEVORESTAT9 5.E.026. MY NOTES PRACTICE ANOTHER Consider a small ferry that can accommodate cars and buses. The toll for cars is $3, and the toll for buses is $10. Let X and Y denote the number of cars and buses, respectively, carried on a single trip. Suppose the joint distribution of X and Y is as given in the table below. 1 1 y p(x,y) 0 2 0 0.025 0.015 0.010 0.050 0.030 0.020 2 0.090 0.075 0.050 X 3 0.150 0.090 0.060 4 0.100 0.060 0.040 5 0.050 0.030 0.055 Compute the expected revenue from a single trip. (Round your answer to two decimal places.) $ 69.31 X Need Help? Read It Talk to a Tutor

Answer 1

- 2 * Solution! - Let X: No. of cans & Y: No. of buses The joint pmf of (x,y) is as follows - 2 Total Px) 0.025 0.015 0.016 0.05 0.050 0.030 0.020 0.) 0.ogo 0.075 0.050 0.215 3 0.15 0.ogo 0.060 0.3 4 0.060 0.040 0.2 0.030 0.055 0.135 Total 0.465 0.3 0.235 1 Ply) From the above table we have morginal disths of X & Y. E(X) = I x Pl>) = 0 (0.05)+1(0,1)+2(0.215)+ 3 (0.) + 460.2) + 5 (0.135) 2.905 on an average 2.905 cors can accomodate. 0.050 0-72 ie New Ely)= I y ply) = 0(0.465)+1(0,3)+ 2(0.235) Ely) = on an average 0.77 buses con accomodate: Now toll for cons is $3 4 for bus is $10. Total revenue from a single brip is Total revenue 3 E(X) + 10 EY) = 3 (2.905) + loco.77) = 8.715 + 77 Total revenue = $16.415