I am confused. Isn't the mean of both plans the same? And how am I supposed to find the values of mean, variance and correlation? There is no value given in the problem. Thanks.
2026-03-28 10:01:37.1774692097
Higher mean and lower covariance
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Use this: For random variable X and Y, and constants a, b
$\qquad\mathsf{E}(aX+bY)=a\mathsf{E}(X)+b\mathsf{E}(Y)$
$\qquad\mathsf{Var}(aX+bY)=a^2\mathsf{Var}(X)+b^2\mathsf{Var}(Y)+2ab\mathsf{Cov}(X,Y)$
1) To find Cov, use relation between Cov and Corr?
2) Plan 1 is 2X+2Y...