Let X Be a Binomial Random Variable with N=35 and P=.20.If

question 40

Multiple Choice

Let x be a binomial random variable with n=35 and p=.20.If we use the normal distribution to approximate probabilities for this, we would use a mean of _______.

• A)35
• B)20
• C)70
• D)7
• E)3.5

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Definitions:

Equilibrium Wage

is the wage rate at which the supply of labor equals the demand for labor in the labor market.

Demand for Labor

The total amount of labor that employers want to hire at various wage rates, during a certain period.

Supply and Demand

The fundamental economic model that explains how the market price of a product is determined by the quantity of the product that producers are willing to supply and the quantity that consumers are willing to purchase.

Labor Market

The marketplace where workers offer their services for wages and employers look for workers to hire.