Construct Probability Histograms

question 140

Essay

Construct Probability Histograms
-The random variable x represents the number of boys in a family of three children. Assuming that boys and girls are equally likely, (a) construct a probability distribution, and (b) graph the probability histogram.

Recognize the significance of external factors on the marketing environment.

Define consumer bias and its effect on international marketing.

Recognize the influence of economic fluctuations on consumer behavior.

Understand the principles of product liability law.

---

Definitions:

Manufacturing Overhead

Covers indirect costs related to the production process, such as factory salaries, utilities, and rent, that are not directly tied to direct labor or materials.

Conversion Cost

Refers to expenses incurred in the process of transforming raw materials into finished goods, encompassing both labor and overhead costs in manufacturing.

Direct Labour

The workforce engaged in the hands-on manufacturing or processing of products, whose costs are directly assigned to the production cost.

Manufacturing Overhead

All indirect costs associated with the production process, including utilities, maintenance, and factory management expenses, not directly tied to specific units produced.