Solved: Suppose that total revenue 120q and total cost 20 50q, Basic Statistics

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Suppose that total revenue 120q and total cost 20 50q

The total profit of a firm is given by

Profit = Total Revenue - Total Cost

Suppose that Total Revenue = 120Q and Total Cost = 20 + 50Q where Q, the quantity sold, is a (approximately) normal random variable with expected value 30 and variance 5. That is Q is N(30,5)

What is the expected value of total profit?
What is the variance of total profit?
What is the standard deviation of total profit?

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Basic Statistics: Suppose that total revenue 120q and total cost 20 50q

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Basic Statistics: Suppose that total revenue 120q and total cost 20 50q

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