If X Is a Binomial Random Variable with N=8 and P=0.6

question 8

Multiple Choice

If x is a binomial random variable with n=8 and p=0.6, the mean value of x is ___.

• A)6
• B)4.8
• C)3.2
• D)8
• E)48

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Definitions:

Price Support

Government interventions or policies designed to maintain the market price of a commodity or product at a certain level, usually to protect producers' incomes.

Price Floor

A government-imposed minimum price for a good or service, preventing the market price from falling below a certain level, potentially leading to a surplus.

Agricultural Market

A marketplace where products from agriculture such as grains, vegetables, and livestock are traded.

Price Floor

A government or regulatory intervention that sets the lowest price at which a good or service can be legally sold, aimed at protecting producers.