An electronics retailer offers an optional protection plan for a mobile phone it sells. Customers can choose to buy the protection plan for $100 and in case of an accident, the customer pays a $50 deductible and the retailer will cover the rest of the cost of that repair. The typical cost to the retailer is $200 per repair, and the plan covers a maximum of 3 repairs. Let X be the number of repairs a randomly chosen customer uses under the protection plan, and let F be the retailers

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Step 1 Given: X - number of repairs a randomly chosen customer uses under the protection plan F - retailer&#039;s profit from one of these protection plans. X0123F100−50−200−350Probability0.90.070.020.01 Step 2 Mean of X=summation of (x⋅p(x))=0.14 X0123F100−50−200−350Probability0.90.070.020.01x⋅p(x)00.070.040.03

An electronics retailer offers an optional protection plan for a mobile phone it

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