The Random Variable X Represents the Number of Girls in a Family

question 103

Multiple Choice

The random variable x represents the number of girls in a family of three children. Assuming that boys andgirls are equally likely, find the mean and standard deviation for the random variable x.

• A) mean: 1.50; standard deviation: 0.87
• B) mean: 2.25; standard deviation: 0.87
• C) mean: 1.50; standard deviation: 0.76
• D) mean: 2.25; standard deviation: 0.76

Understand the fundamental principles of monopoly power and how it differs from perfect competition.

Analyze the profit-maximizing rules for both monopolies and perfectly competitive firms.

Calculate and interpret the costs, revenues, and profits of a monopoly firm using economic models and figures.

Evaluate the impact of changes in fixed and variable costs on a monopoly's pricing and output decisions.