The Following Table Shows Part of the Probability Distribution for the Number

question 20

Short Answer

The following table shows part of the probability distribution for the number of boats sold daily at Boats Unlimited. It is known that the average number of boats sold daily is 1.57.
$$\begin{array} { c c } x & \text { fx) } \\0 & 0.20 \\1 & 0.30 \\2 & 0.32 \\3 & ? \\4 & 0.05 \\5 & 0.02\end{array}$$ Compute the variance and the standard deviation for this probability distribution.

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Definitions:

Additional Unit

The next unit of product or service to be produced beyond the current production level, often considered in the context of marginal cost analysis.

Average Cost

The cost per unit of output, typically calculated by dividing total costs by the total quantity produced; synonymous with average total cost.

Production

The process of creating, growing, manufacturing, or improving goods and services.

Total Variable Cost

The sum of expenses that vary directly with the level of production or output, such as materials and labor.