Question
A large retail company has stores at two locations in a city: a large department store and a discount outlet store. Weekly sales of umbrellas
A large retail company has stores at two locations in a city: a large department store and a discount outlet store. Weekly sales of umbrellas at the de- partment store have a mean of 147.8 and a standard deviation of 51.0. Weekly sales of umbrellas at the discount outlet store have a mean of 63.2 and a standard devi- ation of 37.0. Sales of umbrellas in the two stores have a correlation of 0.7.
Umbrellas cost $17 each at the department store and $9 each at the outlet store. Compute the mean, variance, and standard deviation of the total (combined) um- brella sales revenue from the two stores.
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