Exhibit 6-3 Consider the Continuous Random Variable X, Which Has a Uniform

question 96

Multiple Choice

Exhibit 6-3
Consider the continuous random variable X, which has a uniform distribution over the interval from 20 to 28.
-Refer to Exhibit 6-3. The variance of X is approximately

• A)2.309
• B)5.333
• C)32
• D)0.667

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Definitions:

Total Revenue

The total income a firm receives from the sale of its goods or services before any costs or expenses are subtracted.

Least Elastic

Refers to the degree of responsiveness or sensitivity of demand or supply to changes in prices, with the least elastic being the least responsive.

Straight-Line Demand

Straight-Line Demand refers to a demand curve that shows a constant rate of change in the quantity demanded as price changes.

Percentage of Income

A measure indicating what portion or ratio of one's income is allocated to a specific expenditure or category.