And generally, Is a quantity calculated from observables, observable?
Other people answered the more specific questions, I want to comment on this general one. In Quantum Mechanics, you can have two observables but your are not able to observe both at the same time, so in particular cannot generally observe some calculation based on both values.
A canonical example is position and momentum (velocity) of a particle: Each one of the two is observable, but you cannot observe both at the same time (this is known as the Heisenberg Uncertainty Principle). So you cannot, for example, observe the value of the silly vector "position + velocity", because you cannot measure the two parts of this calculation at the same time.
The way this is formulated in quantum mechanics is that observables are Hermitian operators (you can think of them like matrices) which operate on the space of states. The observations are the eigenvalues of these operators. Two observables can be measured at the same time only if the two operators commute (i.e. $AB$ = $BA$). As an example, the operators $P_x$, $P_y$, and $P_z$, giving the x coordinate, y coordinate, and Z coordinate of the momentum of a particle, commute, so you can measure all of them at the same time, and, for example, calculate $|P| = \sqrt{P_x^2 + P_y^2 + P_z^2}$.