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The management of the Cambridge Company has projected the sales of its products (in millions of dollars) for the upcoming year, with the associated probabilities sh...

Question

The management of the Cambridge Company has projected the sales of its products (in millions of dollars) for the upcoming year, with the associated probabilities shown in the following table: $$\begin{array}{lcccccc}\hline \text { Sales } & 20 & 22 & 24 & 26 & 28 & 30 \\\hline \text { Probability } & .05 & .10 & .35 & .30 & .15 & .05 \\\hline\end{array}$$ What does the management expect the sales to be next year?

The management of the Cambridge Company has projected the sales of its products (in millions of dollars) for the upcoming year, with the associated probabilities shown in the following table: $$\begin{array}{lcccccc}\hline \text { Sales } & 20 & 22 & 24 & 26 & 28 & 30 \\\hline \text { Probability } & .05 & .10 & .35 & .30 & .15 & .05 \\\hline\end{array}$$ What does the management expect the sales to be next year?



Answers

Sales Expense A salesperson's monthly expenses (in thousands of dollars) are exponentially distributed, with an average of 4.25 (thousand dollars).
(a) Give the probability density function for the expenses.
(b) Find the probability that the expenses are more than $\$ 10,000 .$


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