The Probability Distribution of a Certain Overhead Cost Is F(x)

question 4

Essay

The probability distribution of a certain overhead cost is f(x) = 2(1- x)2, where x is production hours per day. Determine the expected value and variance for this distribution if the number of production hours per day ranges from 4 to 11 hours.

---

Definitions:

Microfinance

A type of banking service provided to unemployed or low-income individuals or groups who have no other access to financial services.

Financial Services

Economic services provided by the finance industry, including banks, insurance companies, investment funds, and more.

Traditional Banking

Banking services provided by physical bank branches, including deposit taking, lending, and other financial services.

Definitive Stakeholder

A key individual or group with a significant interest in or influence over the outcome of a project or business endeavor.