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Probability
Suppose X is a continuous random variable denoting a specific measurement from a manufactured product (e.g. a volume). The quality loss from the manufacturing process leading to this product is
defined as the expected value of c(X − m)^2 , where c is a conversion constant from the deviation in the desired value for X to monetary loss for the producers. ( i.) Suppose E(X ) = m and V (X ) = σ^2 . Determine the quality loss for this process. (ii.) Suppose E(X ) = µ and V (X ) = σ^2 . Again, determine the quality loss for this process. I have no idea how to start this! Please help. |
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