TABLE 5-8 Two Different Designs on a New Line of Winter Jackets

question 212

Essay

TABLE 5-8
Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants. Your profit (in thousands of dollars) will depend on the taste of the consumers when winter arrives. The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table.

-Referring to Table 5-8, what is the standard deviation of your profit when Design B is chosen?

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Definitions:

Pearson r

A measure of the linear correlation between two variables X and Y, ranging from -1 to 1, where 1 means total positive linear correlation, 0 means no linear correlation, and -1 means total negative linear correlation.

Number of Victimizations

A statistical measure that indicates the count of instances in which individuals or entities have suffered from criminal acts or harm.

Slope

The rate of change or gradient of a line on a graph, representing the relationship between two variables in linear regression analysis.

Regression Equation

A formula that describes the relationship between one dependent variable and one or more independent variables, used to predict the value of the dependent variable.