Robert is a coach driver. He earns, in the average, $1300 per day when working. The daily costs for a day he works…
(20 points) Robert is a coach driver. He earns, in the average, $1300 per day when working. The daily costs for a day he works and for a day he does not work are $600 and $400 respectively. He estimates the probability that he needs exactly one-day off in a month is 0.25, two-days off is 0.15, three-days off is 0.10, four-days off is 0.10, and five-days off is 0.05. The probability that he does not need any day off in a month is 0.35. (a) Prepare the probability distribution function of Robert’ s monthly (with 30 days) income (monthly earning minus monthly cost)? (10 points) (b) What is his expected monthly income? (5 points) (c) What is the standard deviation of his monthly income? (5 points)
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