Classify the Following Random Variable According to Whether It Is

question 98

Multiple Choice

Classify the following random variable according to whether it is discrete or continuous.
-the temperature in degrees Celsius on January 1st in Fargo, North Dakota

• A) continuous
• B) discrete

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Definitions:

Consumer Surplus

The discrepancy between what consumers are prepared and capable of spending on a product or service versus what they end up paying.

Decreases Price

A reduction in the cost or value of a good or service.

Consumer Surplus

The variance between the overall sum consumers can and will pay for a good or service and what they genuinely spend on it.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive (higher market price).