Finally, he believes that the correlation between imports and exports will be -0.63. Define the trade balance as exports minus imports. Find the mean and the standard deviation of the trade balance (in millions of dollars).

Question;

In the next year, an economist in a particular nation believes that exports will have a mean of 295 and a standard deviation of 12 (in millions of dollars). In addition, he believes that imports will have a mean of 70 and a standard deviation of 14 (in millions of dollars). Finally, he believes that the correlation between imports and exports will be -0.63. Define the trade balance as exports minus imports. Find the mean and the standard deviation of the trade balance (in millions of dollars) ROUND YOUR ANSWERS TO TWO DECIMAL PLACES

Mean = mean exports - mean imports = 295 - 70 = 225.00

Standard deviation = 12 - 14 = -2( in million dollars)

from the figure we get,

the x axis shows   the months and,

the y-axis shows the number of satisfied customer.

each line or each cell in upward direction (y-axis) shows 500.

the appropriate scale for the y - axis is: -

a = 2000 customers

b = 4000 customers

c = 6000 customers

d = 8000 customers

e = 10000 customers

f = 12000 customers

g = 14000 customers