A pop-up coffee stand charges $3 per cup of coffee they sell.  The daily demand (in number of cups sold) has mean 200 and standard deviation of 20. The cost of daily operation is $200. Compute the following. mean of the daily profit = [a] standard deviation of the daily profit = [b] 

Compute Var(Y). Provide 4 digits after the decimal point.

Suppose X and Y are independent, what is the standard deviation of 2X – Y + 2? Provide 4 digits after the decimal point.

Which type of contract is generally used for small projects like repair or maintenance work?

What is one way to reduce the risk for owners in time and materials contracts?

What is a disadvantage of cost-plus contracts?

What is a disadvantage of unit price contracts?

When are lump sum contracts most suitable?

What is another name for a lump sum contract?

When is a time and materials contract not ideal?