For a Discrete Random Variable A,the Probability Distribution of the Discrete

question 15

Multiple Choice

For a discrete random variable A,the probability distribution of the discrete outcomes is called a ________.

• A)conditional mass function,c(a)
• B)cumulative frequency function,m(a)
• C)probability mass function,f(a)
• D)discrete value function,d(a)

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Definitions:

Cobb-Douglas Utility Functions

A mathematical representation of consumer preferences that shows how utility depends on the consumption of different goods, characterized by constant elasticity of substitution.

Pareto Optimal

A state of allocation of resources from which it is impossible to reallocate to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

Pure Exchange Economy

An economic model where agents trade existing goods without the production of new goods, focusing on the allocation and distribution of resources.

Utility Function

A mathematical representation that ranks the preference level of different bundles of goods, showing satisfaction or happiness derived from consumption.