Statistics Solutions

[See Solution] A certain machinist works an eight-hour shift. An efficiency expert wants to assess the value of this machinist where value is defined as value

Question: A certain machinist works an eight-hour shift. An efficiency expert wants to assess the value of this machinist where value is defined as value added minus the machinist's labor cost. The value added for the work the machinist does is $\in 30$ per item and the machinist earns €16 per hour. From past records, the machinist's output per shift is known to have the following probability distribution:

Output/Shift Probability
5 0.2
6 0.4
7 0.3
8 0.1
  1. What is the expected monetary value of the machinist to the company per shift?
    h. What is the corresponding variance value?
    Price: $2.99
    Solution: The downloadable solution consists of 2 pages
    Deliverable: Word Document


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