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Car Sales
The joint probability distribution of variables X and Y is shown in the table below.Rebecca and Rachel are car salespeople.Let X denote the number of cars that Rebecca will sell in a month,and let Y denote the number of cars Rachel will sell in a month.
-{Car Sales Narrative} Verify that V(X + Y)= V(X)+ V(Y).Did you expect this result? Why?
Allocative Efficiency
Achieved when resources are distributed in a way that maximizes the benefits received by society, aligning production with consumer preferences.
Output Mix
The combination or assortment of different products that a firm produces, reflecting the firm's strategy to meet various consumer demands or market segments.
Economic Growth
A growth in an economy's ability to generate goods and services over different time intervals.
Technology Used
Refers to the tools, machines, and techniques utilized to solve problems or improve conditions in various fields.
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