Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The joint probability distribution of the size of a company's sales force (expressed in integer numbers) and its yearly sales revenue (expressed in million dollars)

The joint probability distribution of the size of a company's sales force (expressed in integer numbers) and its yearly sales revenue (expressed in million dollars) is shown in the table below. (This is an illustrative example: more detailed information would be better for real-life applications.)

Probability Sales Force Yearly Sales Revenues

0.10 15 1.53

0.20 20 1.06

0.25 25 2.61

0.25 30 3.85

0.20 35 4.03

  1. Compute the mean, variance, and the standard deviation of the size of the sales force.
  2. Compute the mean, variance, and the standard deviation of yearly sales revenue.
  3. Compute the covariance and correlation of the size of the sales force and yearly sales revenue.
  4. Summarize in a sentence the result found in step (c).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Reporting And Analysis

Authors: Lawrence Revsine, Daniel Collins

4th Edition

0073527092, 978-0073527093

Students also viewed these Accounting questions

Question

1. Describe the Good Lives Model of offender rehabilitation

Answered: 1 week ago