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