The Following Table Presents the Probability Distribution of the Number $\begin{array} { c | c c c c c } x & 0 & 1 & 2 & 3 & 4 \\\hline P ( x ) & 0.08 & 0.66 & 0.15 & 0.09 & 0.02\end{array}$

question 16

Multiple Choice

The following table presents the probability distribution of the number of vacations X taken last year for a randomly chosen family. Find the probability that a family took at least 3 vacations last year.

$\begin{array} { c | c c c c c } x & 0 & 1 & 2 & 3 & 4 \\\hline P ( x ) & 0.08 & 0.66 & 0.15 & 0.09 & 0.02\end{array}$

• A) 0.11
• B) 0.09
• C) 0.26
• D) 0.89

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Definitions:

ATC

Average Total Cost, which is the total cost of production (fixed plus variable costs) divided by the quantity of output produced.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

Price Charged

The amount of money demanded for a product or service in the market.

Product Differentiation

A strategy to make a product or service stand out from the rest, intended to captivate a certain target demographic.