A Random Variable X Has the Following Probability Distribution $$\begin{array} { c c } x &fx) \\0 & .08 \\1 & .17 \\2 & .45\\3 & .25 \\4 & .05\end{array}$$

question 43

Short Answer

A random variable x has the following probability distribution:
$$\begin{array} { c c } x &fx) \\0 & .08 \\1 & .17 \\2 & .45\\3 & .25 \\4 & .05\end{array}$$
a. Determine the expected value of x.
b. Determine the variance.

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Definitions:

Competitive Price-Taker

A market participant who accepts the prevailing market price as given and has no influence over it due to the high level of competition.

Profit

The financial gain attained after subtracting total expenses from total revenues.

Competitive Price-Taker

A business that has no control over the market price and must accept the prevailing market price set by supply and demand forces.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold.