The Random Variable X Is the Number of Occurrences of an Event

question 38

Multiple Choice

The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3. The probability that there are less than 3 occurrences is

• A) .0659.
• B) .0948.
• C) .1016.
• D) .1239.

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Definitions:

Aggregate Demand Curve

A graphical representation that shows the relationship between the overall price level in the economy and the total demand for goods and services at that price level.

Velocity of Money

The rate at which money is exchanged from one transaction to another, and how much a unit of currency is used in a given period.

ATM Machines

Automated Teller Machines where individuals can perform financial transactions, such as cash withdrawals, deposits, and fund transfers, without the need for direct interaction with bank staff.

Credit Cards

Financial instruments that allow users to borrow funds up to a pre-set limit for purchases or cash advances, with the expectation of paying back the borrowed amount over time.