Mathematics, 08.03.2021 01:50 jdkrisdaimcc11
An electronics retailer offers an optional protection plan for a mobile phone it sells. Customers can choose to buy the protection plan for $100, and in case of an accident, the customer pays a $50 deductible and the retailer will cover the rest of the cost of that repair. The typical cost to the retailer is $200 per repair, and the plan covers a maximum of 3 repairs.
Let X be the number of repairs a randomly chosen customer uses under the protection plan, and let F be the retailer's profit from one of these protection plans. Based on data from all of its customers, here are the probability distributions of X and F:
X= # of repairs 0 1 2 3
F= retailer profit $100 -$50 -$200 -$350
Probability 0.90 0.07 0.02 0.01
Calculate the mean of X.
Answers: 3
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An electronics retailer offers an optional protection plan for a mobile phone it sells. Customers ca...
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