Transforming random variables A restaurant sells three sizes of shakes. The small, medium and large sizes each cost $2.00, $3.00, and $3.50
respectively, Let X represent the restaurant's income on a randomly selected shake purchase. Based on
previous data, here's the probability distribution of X along with summary statistics:
Small
Medium
Large
2.00
3.00
3.50
X = income (8)
P(X)
0.28
0.40
0.32
Mean:
HX$2.88
Standard deviation:
Ox $0.59
During the last hour of business, the restaurant offers a special that gives customers $1 off any size shake.
Assume that the special doesn't change the probability that corresponds to each size. Let Y represent their
Income on a randomly selected shake purchase with this special pricing.
What are the mean and standard deviation of Y?
dollars
dollars
4 of 4 ..
Ch