Let X Be a Binomial Random Variable with N =

question 100

Short Answer

Let X be a binomial random variable with n = 100 and p = 0.7. Approximate the following probabilities, using the normal distribution.
a. P(X = 75).
b. P(X  70).
c. P(X  60).

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Definitions:

Marginal Cost

The added expenditure resulting from the production of an extra unit of a good or service.

Socially Optimal

A condition or outcome that maximizes societal welfare, taking into account all costs and benefits to society as a whole.

Positive Externalities

Benefits that occur from a transaction or activity to third parties who are not directly involved in the transaction or activity.

External Costs

Costs of a transaction or activity that affect parties who did not choose to incur that cost and are not reflected in market prices, often necessitating government intervention.