SOA Exam P Sample Question 514
Study guide: Exam P-1
On any given day, the number of available units, X, of a given commodity, and the market price per unit, Y, have joint probability function
p(x,y) = \begin{cases}
\dfrac{|y - 6x - 2|}{18}, & \text{for } x = 1, 2 \text{ and } y = 10, 12, 14 \\
0, & \text{otherwise.}
\end{cases}Assume that all available units will sell at the market price per unit.
Calculate the expected revenue generated by the sale of all available units.
- A)
140/9 - B)
144/9 - C)
150/9 - D)
156/9 - E)
162/9
Answer this question and see the worked solution