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A grocery store chain is trying to decide how much shelf space to devote to organic produce. If they don t stock enough, their more upscale customers will shop at the competing grocery store. If they stock too much, then much of the expensive organic produce will have to be thrown out when it expires. The percentage of organic produce which is purchased luring the week after delivery can be modeled with a Beta distribution with α = 4 and β = 3.
a. What is the expected proportion of organic produce is purchased?
b. What is the standard deviation of the proportion of organic produce that is purchased? |
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