Consider the Given Discrete Probability Distribution $P ( x \leq 4 )$

question 55

Multiple Choice

Consider the given discrete probability distribution. Find $P ( x \leq 4 )$ .
$\begin{array}{|c|c|c|c|c|c|c|}\hline x & 0 & 1 & 2 & 3 & 4 & 5 \\\hline p(x) & .30 & .25 & .20 & .15 & .05 & .05 \\\hline\end{array}$

• A) .10
• B) \(.90\)
• C) \(.05\)
• D) \(.95\)

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Definitions:

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.

Implicit Cost

The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.

Capital

The total value of assets owned by an individual or firm—physical assets plus financial assets.

Opportunity Cost

The cost of the next best alternative foregone as the result of making a decision.