Which of the Following Is the Second Step Involved in Building

question 51

Multiple Choice

Which of the following is the second step involved in building a discrete probability distribution?

• A)defining the random variable
• B)identifying the values for the random variable
• C)assigning probabilities to values of the random variable
• D)building a bar chart of the distribution
• E)calculating the expected value and variance

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Definitions:

Consumer Surplus

The divergence between the total price consumers are prepared to pay for a good or service and the actual price paid.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount received by them when they make the sale.

Consumer Surplus

The divergence between the expected payment by consumers for a product or service and the actual payment made.

Producer Surplus

The difference between the amount producers are willing and able to supply goods for versus the amount they actually receive due to market prices.