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1. The daily demand for bread at a bakery shop satisfies the probability distribution table below: Daily demand for bread(xi) 2.0 3.0 4.0 5.0 6.0
1. The daily demand for bread at a bakery shop satisfies the probability distribution table below: Daily demand for bread(xi) 2.0 3.0 4.0 5.0 6.0 8.0 8.0 Probability (pi) 0.05 0.20 2a 0.15 0.10 b 0.10 i. If a-b = 0.05, find the values of a and b. ii. Compute the mean and standard deviation for the daily demand for the bread at the bakery shop. iii. Suppose it cost GH 150 to run the bread operation and the unit cost of producing bread is GH 0.55 at the bakery shop, what is the mean and standard deviation of the daily cost of bread operations at the bakery shop. (Hint, C(X) = 150 + 0.55X)
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