Suppose X Is a Random Variable Best Described by a Uniform

question 71

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: $\mathrm { P } ( 2.5 \leq x \leq a ) = 0.5$

• A)3
• B)0.8
• C)4
• D)4.5

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Definitions:

Total Fixed Cost

The sum of all costs that do not change with the level of output, such as rent, salaries, and insurance premiums.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to adjust to changing market conditions fully.

Variable Cost

A cost that increases when the firm increases its output and decreases when the firm reduces its output.

Average Total Cost

The total cost divided by the number of units produced, representing the average cost of production per unit.