Find the Mean of the Given Probability Distribution A)360
B)3

question 21

Multiple Choice

Find the mean of the given probability distribution.
-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 as follows. $$\begin{array} { r | r } \text { Houses Sold } ( \mathrm { x } ) & \text { Probability P(x) } \\\hline 0 & 0.24 \\1 & 0.01 \\2 & 0.12 \\3 & 0.16 \\4 & 0.01 \\5 & 0.14 \\6 & 0.11 \\7 & 0.21\end{array}$$

• A)3.60
• B)3.40
• C)3.50
• D)3.35

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Definitions:

Factor of Production

An input used in the production of goods and services, including land, labor, capital, and entrepreneurship.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Education and Knowledge

Education and knowledge pertain to the process of acquiring information, skills, values, and understanding through experiences, schooling, and study, which collectively empower individuals and societies.

Factor Distribution

Refers to the way in which income is distributed among the factors of production, typically labor, capital, and land.