The Random Variable X Is Known to Be Uniformly Distributed

question 34

Multiple Choice

The random variable x is known to be uniformly distributed between 70 and 90. The probability of x having a value between 80 to 95 is

• A)0.75
• B)0.5
• C)0.05
• D)1

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Definitions:

Economic Profit

The total revenue of a firm minus its explicit and implicit costs, representing the financial gain exceeding the opportunity cost.

Purely Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product.

Cost Data

Details about the costs associated with creating a product or service, such as the expenses for materials, workforce, and indirect costs.

Purely Competitive Producer

A producer in a market structure characterized by many small firms, homogeneous products, and free entry and exit, leading to zero economic profit in the long run.