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Mathematics, 24.10.2019 02:00 widnickab
Asmall farmer in a developing country grows cassava and groundnuts. the amount of cassava he grows per year is a random variable, x, with a mean of 500 pounds, and a variance of 625 (pounds-squared). the amount of groundnuts he grows per year is a random variable, y, with a mean of 700 pounds, and a variance of 2500 (pounds-squared). the amounts of cassava and groundnuts he grows have a covariance of 475. the farmer uses 400 pounds of cassava and 300 pounds of groundnuts for consumption by his family. the remainder of each crop is sold for cash. he can sell cassava for $2 per pound, and groundnuts for $3 per pound. what is the farmer’s expected cash income?
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Asmall farmer in a developing country grows cassava and groundnuts. the amount of cassava he grows p...
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