Find the Mean of the Random Variable A) $3.4$ B) $3.6$ C) $3.5$

question 132

Multiple Choice

Find the mean of the random variable.
-The random variable X is the number of houses sold by a realtor in a single month at the Sendsom's Real Estate office. Its probability distribution is given in the table. Round the answer to two decimal
Places when necessary. $\begin{array}{c|cccccccc}\mathrm{x} & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 \\\hline \mathrm{P}(\mathrm{X}=\mathrm{x}) & 0.24 & 0.01 & 0.12 & 0.16 & 0.01 & 0.14 & 0.11 & 0.21\end{array}$

• A)\(3.4\)
• B) \(3.6\)
• C) \(3.5\)
• D) \(3.35\)

Interpret revenue curves and their relevance to monopolistic pricing and output decisions.

Assess the role of barriers to entry in maintaining monopoly power.

Understand the implications of monopolistic practices on economic welfare.

Identify the conditions under which a monopolist operates in the elastic or inelastic range of the demand curve.

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