Find the Mean of the Binomial Random Variable

question 62

Multiple Choice

Find the mean of the binomial random variable. Round to two decimal places when necessary.
-According to a college survey, 22% of all students work full time. Find the mean for the random variable X, the number of students who work full time in samples of size

• A)16. 4
• B)2.75
• C)3.52
• D)0.22

---

Definitions:

Vickrey Auction

A type of sealed-bid auction where bidders submit written bids without knowing the bid of the other people in the auction and the highest bidder wins, but the price paid is the second-highest bid.

True Valuation

The actual worth of a good or service to an individual, reflecting the maximum amount they are willing to pay to acquire it.

English Auction

A common type of auction where participants openly bid against one another, with the price gradually increasing until only the highest bidder remains.

Rational Self-Interest

The principle that individuals tend to make decisions that they perceive to be the best for their own welfare and success.