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A bicycle shop plans to offer 2 specially priced children's models at a sidewalk sale. The basic model will return a prot of $110 and
A bicycle shop plans to offer 2 specially priced children's models at a sidewalk sale. The basic model will return a prot of $110 and the deluxe model $130. Past experience indicates that sales of the basic model will have a mean of 5.4 bikes with a standard deviation of 1.2, and sales of the deluxe model will have a mean of 3.4 bikes with a standard deviation of 0.? bikes. The cost of setting up for the sidewalk sale is $400. Complete parts a) through d). (E a) Define the random variables and use them to express the bicycle shop's net prot. B = price of the basic bicycle, V B = number of basic bicycles sold, D = price of a deluxe bicycle, Prot = 5.4B + 3.4D D = number of deluxe bicycles sold, Prot = 1108 + 130D - 400 B = number of basic bicycles sold, B = price of the basic bicycle, D = number of deluxe bicycles sold, D = price of a deluxe bicycle, Prot = 1108 +130D Prot = 5.4B + 3.4D - 400 b) What is the mean of the net profit? The mean prot is $ 636 . c) What is the standard deviation of the net profit? The standard deviation is $D. (Round to two decimal places as needed.)
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