Find the Mean $\mu$ For the Binomial Distribution Which Has the Stated Values of the Stated

question 27

Multiple Choice

Find the mean, $\mu$ for the binomial distribution which has the stated values of n and p. Round answer to the nearest tenth. n=676 ; p=0.7

• A) \(\mu = 474.9\)
• B) \(\mu = 473.2\)
• C) \(\mu = 474.5\)
• D) \(\mu = 471.7\)

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Definitions:

Allocative Inefficiency

A situation in which resources are not distributed optimally among producers or consumers, leading to a loss in economic efficiency.

Profit-Maximizing Output

The point of production where a company reaches its maximum profit, occurring when marginal cost is equal to marginal revenue.

Marginal Cost

The bump in expenditure for manufacturing an additional unit of a product or service.

Price

The cost in financial terms anticipated, necessitated, or disbursed for something.