If X Is a Binomial Random Variable with N=10 and P=0.8

question 54

Multiple Choice

If x is a binomial random variable with n=10 and p=0.8, the standard deviation of x is _________.

• A)8.0
• B)1.26
• C)1.60
• D)64.0
• E)10

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Definitions:

Inelastic

Describing demand or supply that is relatively unresponsive to price changes, meaning the percentage change in quantity is less than the percentage change in price.

Zero Production Costs

The hypothetical situation in which a good or service can be produced with no expenditure or effort, leading to an unlimited supply.

Profit-Maximizing Monopolist

A monopolist that sets its output and price levels to achieve the highest possible profit, given its unique position as the sole supplier in the market.

Demand Schedule

A chart or table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.