The Probability Distribution of a Random Variable Is Given Along $\begin{array}{r|ccccc}x & 0 & 1 & 2 & 3 & 4 \\\hline P(X=x) & \frac{1}{16} & \frac{1}{4} & \frac{3}{8} & \frac{1}{4} & \frac{1}{16}\end{array}$

question 137

Multiple Choice

The probability distribution of a random variable is given along with its mean and standard deviation. Draw aprobability histogram for the random variable; locate the mean and show one, two, and three standard deviationintervals.
-The random variable X is the number of tails when four coins are flipped. Its probability distribution is as follows. $\begin{array}{r|ccccc}x & 0 & 1 & 2 & 3 & 4 \\\hline P(X=x) & \frac{1}{16} & \frac{1}{4} & \frac{3}{8} & \frac{1}{4} & \frac{1}{16}\end{array}$
$$\mu = 2 , \sigma = 1$$

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Definitions:

Perishable Inventory

Items or goods that have a limited lifespan or shelf life, requiring careful inventory management to minimize losses due to spoilage or obsolescence.

Yield Management

A pricing strategy that uses understanding of consumer behavior and market demand to maximize revenue, often used in the airline and hotel industries.

Variable Costs

Expenses that change in proportion to the level of production or sales activity, such as materials and direct labor.

Perishable Seats

Refers to seats in service industries (like airlines or event management) that cannot be sold after a certain time, leading to potential revenue loss.