THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 172

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A continuous random variable X has the probability density function: f(x)= 2e^-2x,x ≥ 0.
-Find the mean and standard deviation of X.

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Definitions:

Equality

The state or condition of being equal, especially concerning status, rights, and opportunities.

Ticket-Scalping

The act of buying tickets for an event and reselling them at a higher price.

Costs to Society

The total burden that societal behaviors, decisions, or policies place on the welfare of the community, including both direct costs and indirect consequences.

Total Surplus

The sum of consumer surplus and producer surplus; a measure of the overall benefit to society from the production and consumption of goods or services.