Inspecting Meat Is a Very Important Part of the Process

question 1

Essay

Inspecting meat is a very important part of the process of ensuring healthy food. So that meat inspectors do not fall into a pattern of inspection, they use a 4-sided die to decide whether or not to sample the meat from a particular "side" of beef. The meat inspector rolls the die and if it comes up a 4, a sample is taken of that meat. Forty sides of beef are available for possible inspection. Define random variable x = number of sides selected for inspection out of the 40 available.
a) What is the mean of the random variable x?
b) What is the standard deviation of the random variable x?

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Definitions:

Cost of Capital

The minimum return needed for a capital investment project, like constructing a new manufacturing facility, to be considered viable.

Risky Projects

Investments or projects that carry a high level of uncertainty regarding their future returns.

Safe Projects

These are investment ventures with a low risk of failure or loss, often characterized by predictable revenue streams or market demands.

Bankruptcy

A legal process through which individuals or businesses unable to meet their financial obligations can relieve their debts by transferring assets to a trustee.