Find the Mean of the Binomial Random Variable

question 59

Multiple Choice

Find the mean of the binomial random variable. Round to two decimal places when necessary.
-On a multiple choice test with 6 questions, each question has four possible answers, one of which is correct. For students who guess at all answers, find the mean for the random variable X, the
Number of correct answers.

• A)4.5
• B)3
• C)1.5
• D)2

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Definitions:

Diamond-Water Paradox

A paradox highlighting the contradiction between the high value of non-essential items, like diamonds, and the low value of essential items, like water, mainly explained by the differences in marginal utility and scarcity.

Total Utility

The overall satisfaction or value a consumer gets from consuming a certain quantity of goods or services.

Marginal Utility

The added satisfaction a consumer gets from having one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service demanded by consumers at various price levels.