Determine Whether the Following Is a Probability Distribution

question 11

Short Answer

Determine whether the following is a probability distribution. If not, identify the requirement
that is not satisfied.
$\begin{array} { c | r } \boldsymbol { x } & \boldsymbol { P } ( \boldsymbol { x } ) \\\hline 0 & 0.1296 \\1 & 0.3456 \\2 & 0.3456 \\3 & 0.1536 \\4 & 0.0256\end{array}$

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Definitions:

Total Revenue Curve

A graphical representation that shows the relationship between the total revenue a firm receives from selling its product and the quantity of the product sold.

Perfectly Competitive Firm

A company that cannot control market prices and must therefore accept the prevailing market price for its products or services.

Short-run

A period in economics during which some factors of production or inputs are fixed, unable to be changed to respond to market conditions.

Marginal Revenue Curve

A graphical representation that shows how much additional revenue a firm will make by selling one more unit of a product.