SCENARIO 5-4
The following table contains the probability distribution for X = the number of traffic accidents reported in a day in a small city in the Midwest.
-Referring to Scenario 5-4,the standard deviation of the number of accidents is _____.
Definitions:
Numeraire
A standard unit of account or measuring stick in economics used to compare the value of various goods or services.
Utility Function
A mathematical tool used in economics to represent a consumer's preference ranking of different bundles of goods.
Pareto Optimal
A state of allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.
Competitive Equilibrium
A state in markets where supply equals demand, and no participant has an incentive to change their behavior.
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