For Each of the Following Random Variables,indicate Whether the Variable

question 169

Essay

For each of the following random variables,indicate whether the variable is discrete or continuous,and specify the possible values that it can assume.
a.X = the number of traffic accidents in Albuquerque on a given day.
b.X = the amount of weight lost in a month by a randomly selected dieter.
c.X = the average number of children per family in a random sample of 175 families.
d.X = the number of households out of 10 surveyed that own a convection oven.
e.X = the time in minutes required to obtain service in a restaurant.

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Definitions:

Marginal Cost

The increase in total production costs resulting from the production of one additional unit of a product or service.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Marginal Cost

The escalation in cumulative price involved in fabricating one extra unit of a product or service.