The Following Table Shows the Numbers of Cars Sold by a Car

question 73

Essay

The following table shows the numbers of cars sold by a car dealer during the last 30 weeks. $$\begin{array} { | c | c | } \hline \text { Number of cars sold } & \text { Number of weeks } \\\hline 2 & 5 \\\hline 3 & 9 \\\hline 4 & 10 \\\hline 5 & 4 \\\hline 6 & 2 \\\hline\end{array}$$ a. Define the random variable of interest to the dealer.
b. List the simple events in the sample space.
c. Assign probabilities to the simple events and show the probability distribution.
d. What approach have you used in determining the probabilities in part (c)?
e. What is the probability of selling no more than four cars in any given week?

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Definitions:

Maximize Utility

The process of allocating resources to get the highest possible satisfaction for an individual or a society.

Consumer's Budget Line

A graphical representation of all possible combinations of two goods that a consumer can purchase, given their income and the prices of the goods.

Price of A

The cost assigned to a specific product or service "A", determined by various factors like production costs, supply, and demand.

Price of B

The cost required to purchase good B or the amount a consumer is expected to pay for acquiring good B.