Find the Mean, µ, for the Binomial Distribution Which Has $$\mathrm { n } = 38 ; \mathrm { p } = 0.2$$

question 116

Multiple Choice

Find the mean, µ, for the binomial distribution which has the stated values of n and p. Round answer to the nearest tenth.
- $$\mathrm { n } = 38 ; \mathrm { p } = 0.2$$

• A) \(\mu = 8.3\)
• B) \(\mu = 7.1\)
• C) \(\mu = 7.9\)
• D) \(\mu = 7.6\)

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Definitions:

Short Run

A period in economic analysis where some factors of production are fixed and cannot be changed.

Market Demand

The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments and the market to stabilize at a point where supply equals demand.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical.