The Random Variable X Represents the Number of Boys in a Family

question 16

Multiple Choice

The random variable x represents the number of boys in a family of three children. Assuming that boys and girls are equally likely, find the mean and standard deviation for the random variable x.

• A)mean: 1.50; standard deviation: 0.87
• B)mean: 2.25; standard deviation: 0.87
• C)mean: 1.50; standard deviation: 0.76
• D)mean: 2.25; standard deviation: 0.76

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Definitions:

Economic Models

Simplified representations of complex economic processes used to predict future economic activity or to understand economic dynamics.

Assumptions

Premises or conditions that are accepted as true without proof, used as a basis for reasoning or conduct in theories and models.

Linear Production

A production process where outputs increase in direct proportion to the amounts of inputs, implying a constant ratio of output to input in production functions.

Pairs of Socks

Articles of clothing worn on the feet, typically coming in matching sets of two, one for each foot.