Suppose X Is a Random Variable Best Described by a Uniform

question 58

Multiple Choice

Suppose x is a random variable best described by a uniform probability distribution with c = 6 and d = 14. Find the value of a that makes the following probability statement true: P(x ≥ a) = 0.6.

• A) 9.2
• B) 10.8
• C) 9.4
• D) 4.8

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Definitions:

Commodity Y

A generic term for any tradable good or material product that is interchangeable with other goods of the same type.

Utility Function

It's a mathematical representation of how a consumer's preferences over a set of goods and services translates into a level of satisfaction or utility.

Price of X

The cost at which a specific item or commodity, denoted as "X," is sold in the market.

Marginal Rate of Substitution

The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.