The Following Probability Distribution Represents the Number of Grievances Filed $$\begin{array} { l l } x&fx)\\0&0.04\\1&0.36\\2&0.50\\3&0.08\\4&0.02\end{array}$$

question 24

Short Answer

The following probability distribution represents the number of grievances filed per month with the MNM. Corporation.
$$\begin{array} { l l } x&fx)\\0&0.04\\1&0.36\\2&0.50\\3&0.08\\4&0.02\end{array}$$
a. Determine the expected value of the number of grievances in a month.
b. Determine the variance.
c. Compute the standard deviation.

---

Definitions:

Tax Revenue

Funds acquired by governments from taxation, employed to support public programs and fulfill government responsibilities.

Total Surplus

The sum of consumer surplus and producer surplus, representing the overall economic benefit to society from a market transaction.

Government Imposes

Actions taken by a government to enforce regulations, taxes, or penalties on a population or industry to achieve economic or societal goals.

Consumer Surplus

The variance between the aggregate sum consumers intend and are financially capable to allocate for a good or service and the aggregate sum they really spend.