From the Probability Distribution, Find the Mean and Standard Deviation $$\begin{array} { c | c } x & P ( x ) \\\hline 0 & 0.125 \\1 & 0.428 \\2 & 0.256 \\3 & 0.108 \\4 & 0.083\end{array}$$

question 7

Essay

From the probability distribution, find the mean and standard deviation for the random variable x, whichrepresents the number of bicycles per household in a town of 1000 households. $$\begin{array} { c | c } x & P ( x ) \\\hline 0 & 0.125 \\1 & 0.428 \\2 & 0.256 \\3 & 0.108 \\4 & 0.083\end{array}$$

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Definitions:

Domestic Price

The price at which goods and services are sold within a country’s borders, influenced by local demand and supply conditions.

Tariff

A tariff is a tax imposed by a government on imported or exported goods, often used to protect domestic industries or generate revenue.

Import-Competing Clauses

Provisions that protect domestic industries by limiting or imposing conditions on the import of similar foreign goods.

Import Reduction Acts

Legislation designed to decrease the importation of goods into a country to protect domestic industries.