Provide an Appropriate Response $P ( x ) = \frac { n ! } { ( n - x ) ! x ! } \cdot p ^ { x } \cdot q ^ { n - x }$

question 84

Essay

Provide an appropriate response.
-Identify each of the variables in the Binomial Probability Formula. $P ( x ) = \frac { n ! } { ( n - x ) ! x ! } \cdot p ^ { x } \cdot q ^ { n - x }$
Also, explain what the fraction $\frac { n ! } { ( n - x ) ! x ! }$ computes.

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Definitions:

Unsold Units

Inventory items that have been produced or acquired but have not yet been sold to customers.

Selling Price

The price at which a product or service is sold to customers, determined by factors like cost, demand, competition, and market conditions.

Variable Costs

Expenses that vary in relation to the amount of products or services a company generates.

Short Run

A period in which at least one input is fixed and cannot be changed by the firm.