What Function Should Be Used for Generating Random Numbers from the Following

question 19

Short Answer

What function should be used for generating random numbers from the following distribution on the number of phone calls per hour?
$\begin{array}{ccccc} & \mathrm{~A} & \mathrm{~B} & \mathrm{C} & \mathrm{D} \\1 & \text { \# of phone calls } & \mathrm{P}(\# \text { of phone calls) } & \text { \# of phone calls } & \mathrm{P}(\# \text { of phone calls) } \\2 & 1 & 0.10 & 1 & 0.10 \\2&2& 0.40 & 2 & 0.50 \\4 & 3 & 0.30 & 3 & 0.80 \\5 & 4 & 0.15 & 4 & 0.95 \\6&5 & 0.05 & 5 & 1.00\end{array}$

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Definitions:

Contract Curve

In economics, it represents the set of optimal points of exchange between two parties, where no further mutual benefit can be achieved through trade.

Edgeworth Box

A graphical representation of the trading possibilities and equilibrium between two individuals with fixed amounts of two goods.

Utility Function

A mathematical model in economics that represents consumer preferences over a set of goods and services, by assigning a utility value for each possible bundle of goods.

Convex Preferences

Preferences that express a consumer's desire for diversified bundles of goods over extreme bundles, depicted graphically as convex indifference curves.