Determine Whether the Number Line Represents a Discrete Random Variable

question 54

Multiple Choice

Determine whether the number line represents a discrete random variable or a continuous random variable. Explain your reasoning.
The attendance at games for a sports team

• A)Discrete; Attendance is a random variable that is countable.
• B)Continuous; Attendance is a random variable that must be measured.

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Definitions:

Total Revenue

Total revenue represents the total income a firm receives from selling its goods or services, calculated as the quantity sold multiplied by the price per unit.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity has the power to significantly influence prices or market conditions.

Average Revenue

The revenue received per unit of output sold.

Quantity Demanded

The amount of a product that consumers are willing and able to purchase at a given price.