What Is the Mean of X, Given the Exponential Probability $$f ( x ) = \frac { 1 } { 20 } e ^ { \frac { x } { 20 } } \text { for } x \geq 0 \text { ? }$$

question 24

Multiple Choice

What is the mean of x, given the exponential probability function $$f ( x ) = \frac { 1 } { 20 } e ^ { \frac { x } { 20 } } \text { for } x \geq 0 \text { ? }$$

• A)0.05
• B)20
• C)100
• D)2,000

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Definitions:

Domestic Opportunity Cost

The cost of forgoing the next best alternative use of a country's own resources.

Comparative Advantage

The principle that countries or entities should produce goods and services where they have a lower opportunity cost compared to others.

Domestic Opportunity Cost

The cost of forgoing the next best alternative when choosing to produce a good or service domestically.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.