Question
You are interested in buying a new pair of headphones on Amazon, but you want to...
You are interested in buying a new pair of headphones on Amazon, but you want to make sure you get the right price. Being a student of Math 107, you track the price daily for two weeks and find the following: Day 1- $115 Day 2- $110 Day 3- $115 Day 4- $145 Day 5- $100 Day 6- $100 Day 7- $115 Day 8- $145 Day 9- $130 Day 10- $130 Day 11- $110 Day 12- $110 Day 13- $145 Day 14- $145 (a) Find the empirical probability distribution for the random variable H which is the price of the headphones. (b) Draw a histogram of the empirical distribution. (c) What is the empirical probability that the price is more than $120? (d) Find E[H] (e) Find σ(H) (f) Supposing you waited to buy the headphones until they were least two standard deviations below the average price. What is the most you would pay for them?
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