Interpret the Mean of a Discrete Random Variable as an Expected

question 117

Short Answer

Interpret the Mean of a Discrete Random Variable as an Expected Value
-On one busy holiday weekend, a national airline has many requests for standby flights at half of the usual one-way air fare. However, past experience has shown that these passengers have only about a 1 in 5 chance of getting on the standby flight. When they fail to get on a flight as a standby, their only other choice is to fly first class on the next flight out. Suppose that the usual one-way air fare to a certain city is $194 and the cost of flying first class is $520. Should a passenger who wishes to fly to this city opt to fly as a standby [Hint: Find the expected cost of the trip for a person flying standby.]

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Definitions:

Mate Selection

The process of choosing a partner based on certain criteria, which can be influenced by biological, psychological, and sociocultural factors.

Environmental Influences

External factors, including social, cultural, and physical environments, that can affect an individual's behavior, development, and life outcomes.

Instincts

Instincts refer to inherent inclinations towards a particular behavior or action, typically aimed at survival or reproduction, as proposed in various psychological and biological theories.

Extraverts

Individuals who are outgoing, sociable, and inclined towards seeking stimulation in the external environment.