The Roll of a Pair of Dice Has the Following

question 20

Multiple Choice

The roll of a pair of dice has the following probability distribution, where the random variable is the sum of the values produced by each die: Calculate the variance of x.

• A) 5.833
• B) 6.122
• C) 5.666
• D) 5.122

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Definitions:

Price Inelastic

A market condition where the demand for a product does not significantly change in response to changes in its price, often due to the lack of available substitutes.

Individual Demand Curve

A graphical representation of the relationship between the quantity of a good that a single consumer is willing and able to purchase at various prices.

Bandwagon Effect

A psychological phenomenon where individuals do something primarily because other people are doing it, regardless of their own beliefs.

Software Products

Digital applications or systems developed to fulfill particular tasks or to address specific user needs.