Suppose X Is a Random Variable Best Described by a Uniform

question 20

Multiple Choice

Suppose x is a random variable best described by a uniform probability distribution with c = 2 and d = 6. Find the value of a that makes the following probability statement true: P(x ≤ a) = 1.

• A) a ≥ 6
• B)a ≥ 2
• C)a ≤ 6
• D)a ≤ 2

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Definitions:

Demand

The desire and ability of consumers to purchase goods and services at different prices, reflecting how much of a product consumers are willing and able to buy.

Surge Prices

A dynamic pricing strategy that increases prices in response to high demand and limited supply, commonly used in ride-sharing services.

Determinants of Market Demand

Factors that influence the total demand for a product or service in a market, including price, income levels, tastes, and population demographics.

Law of Demand

A principle that states there is an inverse relationship between the price of a good or service and the quantity of it that consumers are willing to purchase.