Assume That You Have a Binomial Experiment with P =

question 32

Multiple Choice

Assume that you have a binomial experiment with p = 0.4 and a sample size of 150. The variance of this distribution is

• A) 36.
• B) 6.
• C) 2.9.
• D) 216.

---

Definitions:

Domestic Supply Curve

A graphical representation of the relationship between the price of a good within a country and the quantity of that good that suppliers are willing to produce.

Equilibrium Price

The rate in the market at which the provision of goods aligns with the requisition of goods.

Producer Surplus

Producer surplus is the difference between the amount producers are willing to sell a good for and the higher actual price at which they sell the good.

Consumer Surplus

The difference in the total value consumers are prepared to pay for a product or service compared to their actual payments.