Final answer:
The amount of loss is considered a random variable because it can vary due to random factors such as contamination incidence and customer reactions.
Option b, a $10,000 loss, fits the definition of a random variable as it represents a potential outcome from shipping contaminated envelopes.
Step-by-step explanation:
The question relates to the concept of a random variable in probability and statistics. A random variable is a numerical quantity whose value depends on the outcome of a random event. In the context of Vandelay Industries, the probability of shipping wedding invitation envelopes with contaminated glue on the envelope flap is a fixed value of 0.4 and hence is not a random variable.
Therefore, option a is not correct. The possible loss from shipping these envelopes, which can range from $1,000 to $10,000, is unpredictable and depends on many random factors, such as the occurrence of contamination, customer complaints, and loss claims.
Thus, the amount of loss can vary and fits the definition of a random variable. Consequently, option b which mentions a $10,000 loss, would be a random variable as it represents one possible outcome of the aforementioned random event. The standard deviation ($56.57) and the coefficient of variation (1.41) are measurements describing the distribution of the random variable but are not random variables themselves.