Find the Mean and Standard Deviation of the Probability Distribution $$\begin{array} { c | c } x & P ( x ) \\\hline 0 & .125 \\1 & .428 \\2 & .256 \\3 & .108 \\4 & .083\end{array}$$

question 109

Essay

Find the mean and standard deviation of the probability distribution for the random
variable x, which represents the number of cars per household in a small town. $$\begin{array} { c | c } x & P ( x ) \\\hline 0 & .125 \\1 & .428 \\2 & .256 \\3 & .108 \\4 & .083\end{array}$$

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Definitions:

Consumer Ignorance

A situation where consumers lack necessary information about products or services, which can affect their buying decisions and market outcomes.

Inelastic Demand

A situation where the demand for a product does not significantly change in response to changes in its price.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market involves variations in quality, features, or design.

Incentives

Motivators or rewards designed to encourage specific actions or behaviors by individuals or organizations.