Answer:
a.) C(q) = -(1/4)*q^3 + 3q^2 - 12q + OH b.) $170
Step-by-step explanation:
(a) Marginal cost is defined as the decrease or increase in total production cost if output is increased by one more unit. Mathematically:
Marginal cost (MC) = change in total cost/change in quantity
Therefore, to derive the equation for total production cost, we need to integrate the equation of marginal cost with respect to quantity. Thus:
Total cost (C) = Integral [3(q-4)^2] dq = -(1/4)*(q-4)^3 + k
where k is a constant.
The overhead (OH) = C(0) = -(1/4)*(0-4)^3 + k = -16 + k
C(q) = -(1/4)*(q^3 - 12q^2 + 48q - 64) + k = -(1/4)*q^3 + 3q^2 - 12q -16 + k
Thus:
C(q) = -(1/4)*q^3 + 3q^2 - 12q + OH
(b) C(14) = -(1/4)*14^3 + 3*14^2 - 12*14 + 436 = -686 + 588 - 168 + 436 = $170
Answer:
3. Standard deviation is the square root of the variance.
4. Standard deviation is useful because it has the same units as the underlying data.
Step-by-step explanation:
3. In statistics, the dispersion in a given data with respect to its mean distribution can be determined or measured by standard deviation and variance. The standard deviation of a distribution can also be determined as the square root of variance.
4. Standard deviation is measured in the same units as that of the original data. Thus it has the same units as the underlying data.
Answer:
A) 3.5
B) 1.6202
Step-by-step explanation:
In binomial distribution,
E(X) = np and Var(X) = npq while
SD (X) = √(npq)
Where n is number of cards drawn
p is probability of getting one particular shape
q = 1-p
So from the question, n = 14
p = 13/52 = 1/4
q = 1-(1/4) = 3/4
So;
A) E(x) = np = 14 x 1/4 = 3.5
B) SD (X) = √(npq) = √(14 x 1/4 x 3/4) = √(42/16) = √2.625 = 1.6202
