Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose Paul has two monthly bills, one for utilities and one for cable services. Paul's utility bill includes separate charges for gas and electricity usage.

Suppose Paul has two monthly bills, one for utilities and one for cable services. Paul's utility bill includes separate charges for gas and electricity usage. The total number of dollars he spends each month for utilities is U.Paul's cable bill includes separate charges for his cable television subscription and his internet service. The total number of dollars he spends on cable services each month is .

Assume that the true, longrun proportion of Paul's utility bill due to electricity usage is known to be0.80.Assume that the true, longrun proportionof his cable bill due to television service is known to be0.25.The number of dollars Paul spends each month for electricity is a binomial random variablewith meanand standard deviation.The number of dollars he spends each month for cable television is a binomial random variablewith meanand standard deviation.The correlationbetween andis0.60.

The total number of dollars Paul spends one month on utilities is$50,and the total number of dollarshe spends one month on cable services is$110.Compute the mean+and standard deviation+of the total number of dollars Paul spends each month on electricity and cable television. Report your answers to two decimalplaces.

+=

+=

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus

Authors: Dale Varberg, Edwin J. Purcell, Steven E. Rigdon

9th edition

131429248, 978-0131429246

More Books

Students also viewed these Mathematics questions