The Owner of a Farmerʹs Market Was Interested in Determining

question 19

Multiple Choice

The owner of a farmerʹs market was interested in determining how many oranges a person buys when theybuy oranges. He asked the cashiers over a weekend to count how many oranges a person bought when theybought oranges and record this number for analysis at a later time. The data is given below in the table. Therandom variable x represents the number of oranges purchased and P(x) represents the probability that acustomer will buy x oranges. Determine the variance of the number of oranges purchased by a customer. $$\begin{array} { | c | c | c | c | c | c | c | c | c | c | c | } \hline x & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \\\hline P ( x ) & 0.05 & 0.19 & 0.20 & 0.25 & 0.12 & 0.10 & 0 & 0.08 & 0 & 0.01 \\\hline\end{array}$$

• A) 3.57
• B) 1.95
• C) 3.97
• D) 0.56

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Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.

Cost of Goods Sold

The immediate expenses linked to the creation of goods sold by a business, which encompass costs for materials and labor.

Specific Identification

An inventory valuation method that tracks the cost of individual items for the purpose of determining cost of goods sold.

Inventory Valuation

The process of determining the monetary value of a company's inventory at the end of a reporting period.