If X Has a Binomial Distribution with N = 4

question 56

Short Answer

If X has a binomial distribution with n = 4 and p = 0.3,then P(X = 1)= _____.

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Definitions:

Monopoly Markets

Markets dominated by a single seller, leading to less competition and higher prices for consumers.

Government Intervention

Actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and fiscal or monetary policies.

Deadweight Loss

The reduction in economic productivity that happens when a good or service does not reach or cannot reach its equilibrium state.

Natural Monopoly

A market condition where a single firm can provide a good or service at a lower cost than any competitors, due to economies of scale.