Yann Tiersen, a French musician and composer, is best known for his crisp piano ballads and accordion waltzes. He is going to have a classical concert in a grand opera house. His concert is selling two types of tickets—the Gold Reserved seats that sell for $240 per ticket and the Platinum Reserved seats that sell for

$368 per ticket. The following table shows the probability for the two types of tickets sold in a day for Tiersen’s concert:

Gold Reserved Seats Probability Platinum Reserved Seats Probability 5 0.25 3 0.46 6 0.13 4 0.25 7 0.27 5 0.13 8 0.35 6 0.16

a. Compute the expected values for both types of tickets.

b. Calculate the standard deviation for both types of tickets.

c. Calculate the coefficient of variation values for both types of tickets. (Hint: CV equals to the standard deviation divides by the mean.)

d. Based on your findings in part b and

c, determine the variation within and between the two types of ticket sold.