Compute the Variance and Standard Deviation of a Discrete Random $x$

question 104

Multiple Choice

Compute the Variance and Standard Deviation of a Discrete Random Variable
-In a sandwich shop, the following probability distribution was obtained. The random variable $x$ represents the number of condiments used for a hamburger. Find the mean and standard deviation for the random variable x.
$\begin{array}{c|c}x & P(x) \\\hline 0 & 0.30 \\1 & 0.40 \\2 & 0.20 \\3 & 0.06 \\4 & 0.04\end{array}$

• A) mean: \(1.14\); standard deviation: \(1.04\)
• B) mean: \(1.54\); standard deviation: \(1.30\)
• C) mean: \(1.30\); standard deviation: \(2.38\)
• D) mean: \(1.30\); standard deviation: \(1.54\)

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Definitions:

Lost Revenue

Refers to the money that a business could have earned but did not, due to various factors such as cancelled services or unsold inventory.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Continuous-process Production

A manufacturing method where materials are continuously fed into the process, resulting in a constant output of finished products.

Automated System

A system that operates or controls a process through the use of advanced technologies, reducing or eliminating the need for human intervention.