Compute the Mean and Standard Deviation of a Binomial Random

question 86

Multiple Choice

Compute the Mean and Standard Deviation of a Binomial Random Variable
-According to government data, the probability that an adult was never in a museum is 13%. In a random survey of 20 adults, what is the mean and standard deviation of the number that were never in a museum

• A) mean: 2.6; standard deviation: 1.50399468
• B) mean: 17.4 standard deviation: 1.61245155
• C) mean: 17.4; standard deviation: 1.50399468
• D) mean: 2.6; standard deviation: 1.61245155

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Definitions:

Variable Costing

A costing method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, used for internal decision-making processes.

Net Operating Income

The net profit of a company, calculated by deducting operating expenses from the gross profit.

Absorption Costing

A financial recording strategy that encompasses all costs related to production, such as raw materials, labor directly associated with the production, and all overhead expenses, whether they vary or are fixed, as part of a product's cost.

Variable Costing

An accounting method where only variable manufacturing costs are included in product costs, with fixed overhead expenses treated as period costs.