Use the Following to Answer Questions

question 28

Short Answer

Use the following to answer questions :
The following table lists the probability distribution of the number of refrigerators owned by all families in a city.

-The probability that a randomly selected family owns more than one refrigerator is:

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Definitions:

Fixed Cost

Expenses that do not change with the level of output or sales, such as rent or salaries.

Variable Cost

Expenses that change in proportion to the level of production or sales activities of a company, such as raw materials and direct labor costs.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, typically represented by an area on a graph.

Supply Curve

A graph displaying the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to provide, holding all else equal.