Let X Represent the Number of Children in a Canadian

question 37

Short Answer

Let X represent the number of children in a Canadian household. The probability distribution of X is as follows: The probability that a randomly selected Canadian household will have more than 3 children is_____ . The expected number of children in a randomly selected Canadian household is______ .

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Definitions:

Excess Capacity

A situation where a firm is producing less than the maximum output due to insufficient demand.

Strategic Behavior

Self-interested economic actions that take into account the expected reactions of others.

International Cartel

An agreement among businesses or countries from different countries to control prices, limit competition, or divide markets.

Fix Prices

The practice of setting and maintaining prices at a certain level, often agreed upon by competitors or mandated by regulation, rather than allowing them to be determined by market forces.