A Company Has Five Applicants for Two Positions: Three Women

question 6

Short Answer

A company has five applicants for two positions: three women and two men. Suppose that the five applicants are equally qualified and that no preference is given for choosing either gender. Let x equal the number of men chosen to fill the two positions.
What is the mean of the probability distribution of x?
______________
What is the variance of the probability distribution of x?
______________
What is the standard deviation of the probability distribution of x?
______________

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Definitions:

Perfectly Elastic

Describes a market situation in which the quantity demanded or supplied changes by an infinite amount in response to any change in price.

Demand Curve

A graphical representation showing the relationship between the price of a product and the amount of it that consumers are willing to purchase at various prices.

Perfectly Competitive

A perfectly competitive market is one where there are many sellers and buyers, homogeneous products, and no barriers to entry or exit, resulting in market prices determined by supply and demand.

Generic Pharmaceuticals

Medications marketed without brand names and often sold at lower prices than their branded counterparts, but contain the same active ingredients.