Provide an Appropriate Response

question 64

Essay

Provide an appropriate response.
-The random variable x represents the number of credit cards that students have along with the correspondingprobabilities. Graph the probability histogram. $$\begin{array} { c | l } \mathrm { x } & \mathrm { P } ( \mathrm { x } ) \\\hline 0 & 0.49 \\1 & 0.05 \\2 & 0.32 \\3 & 0.07 \\4 & 0.07\end{array}$$

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Definitions:

ATC

Average Total Cost, which is calculated by dividing the total cost by the quantity of output produced.

Economic Profit

The surplus or profit remaining after deducting both explicit and implicit costs, including opportunity costs, from total revenues.

Interest Rate

The percentage charged on a loan or paid on deposits over a specific period of time, often annually.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, reflecting the true profitability of the business.