The Equation for the Variance of the Binomial Distribution Is

question 32

Multiple Choice

The equation for the variance of the binomial distribution is given by

• A) p^x(1 − p)^n−x.
• B) np.
• C) np(1 − p).
• D) .

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Definitions:

Marginal Revenue

The additional income from selling one more unit of a good; essentially the change in total revenue from an additional unit sold.

Perfect Competition

An idealized market structure in which there are many buyers and sellers, no barriers to entering or exiting the market, and products are identical.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the true profitability of a firm.

Profit-Maximizing

A method or strategy businesses use to achieve the highest possible profit from their operations.