(a) Two coins are spun on a flat surface. Give two examples each of possible discrete and random variables.
(b) Consider the following statement:
A random variable is a variable whose numerical value is determined by the outcome of a random experiment.
Is this true or false? Justify your answer.
A university statistics course recommends two books: a text book and a study guide. There are 100 students in the course.
The university bookshop knows from past experience that 20% of students will not buy any book, 55% will buy the text book only, and 25% will buy both.
(a) How many books should the bookstore expect to sell to this class?
(b) If the text book costs $99 and the study guide $39, approximately how much revenue will the bookshop collect?
(c) What is the average revenue per student?