Identify Discrete Probability Distributions
-Given the Table of Probabilities for the Random

question 38

Multiple Choice

Identify Discrete Probability Distributions
-Given the table of probabilities for the random variable $x$ , does this form a probability distribution? Answer Yes or No.
$\begin{array}{|c|c|c|c|c|}\hline x & 5 & 10 & 15 & 20 \\\hline P(x) & 0.10 & -0.30 & 0.50 & 0.70 \\\hline\end{array}$

• A) \(\mathrm { No }\)
• B) Yes

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Definitions:

Pecks

A traditional unit of volume used for dry goods, equivalent to approximately 9 liters or a quarter of a bushel.

Demand Function

A mathematical formula representing the relationship between the quantity of a good consumers are willing to buy and the price of the good, alongside other factors like income and the prices of related goods.

Total Revenue

The total income generated from the sale of goods or services before any costs are subtracted.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.