If the Random Variable X Is Exponentially Distributed with Parameter $\lambda$

question 104

Multiple Choice

If the random variable X is exponentially distributed with parameter $\lambda$ = 3, then P(X $\geq$ 2) , up to 4 decimal places, is:

• A)0.3333.
• B)0.5000.
• C)0.6667.
• D)0.0025.

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Definitions:

Demand Curve

A visual representation detailing how consumer demand for a product changes in relation to its price.

Cost Function

A cost function describes the cost of producing a certain number of goods or services, taking into account factors like labor and materials.

Cartel Arrangement

An agreement among competing firms to control prices or production in a particular market, often to maximize collective profits.

Demand Curve

A visual chart that illustrates the connection between a product's price and the amount of it that consumers want to buy.