Functions and Statistical Models

4.30 A team of consultants working for a large national supermarket chain based in the New York metropolitan area developed a statistical model for predicting the annual sales of potential new store locations.
x 1 2 3 4 5 6 7 8 9 10
Relative Frequency .01 .04 .04 .08 .10 .15 .25 .20 .08 .05
a) Find E(x) and interpret its value in the context of the problem
b) Find the standard deviationof x
c) According to Chebyshev’s Rule (chp2), what percentage of supermarkets would be expected to fall within µ ± sigma? = Within µ ± 2sigma?

The detailed step by step solution is given in the attached solution file.

4.30 A team of consultants working for a large national supermarket chain based in the New York metropolitan area developed a statistical model for predicting the annual sales of potential new store locations. ….
x 1 2 3 4 5 6 7 8 9 10
Relative Frequency .01 .04 .04 .08 .10 .15 .25 .20 .08 .05
a) Find E(x) and interpret its value in the context of the problem
b) find the standard deviation of x

c) According to …

This solution answers questions regarding functions and statistical models.