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Determine Whether the Following Is a Probability Distribution

question 25

Short Answer

Determine whether the following is a probability distribution. If not, identify the requirement that is not satisfied.
- xP(x)00.1510.3320.2230.2840.02\begin{array} { c | c } \mathrm { x } & \mathrm { P } ( \mathrm { x } ) \\\hline 0 & 0.15 \\1 & 0.33 \\2 & 0.22 \\3 & 0.28 \\4 & 0.02\end{array}


Definitions:

Quantity Demanded

The total amount of a good that consumers are willing and able to purchase at a given price in a specified period.

Quantity Supplied

The complete quantity of a product or service that suppliers are prepared to offer for sale at an established price during a defined timeframe.

Price Of Product

The amount a customer pays to acquire a product or service.

Product X

A placeholder name commonly used to refer to an unspecified or anonymous product in discussions or analyses.

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