From the Probability Distribution, Find the Mean and Standard Deviation

question 38

Short Answer

From the probability distribution, find the mean and standard deviation for the random variable x, which
represents the number of cars per household in a town of 1000 households. $$\begin{array} { c | c } \mathrm { x } & \mathrm { P } ( \mathrm { x } ) \\\hline 0 & 0.125 \\1 & 0.428 \\2 & 0.256 \\3 & 0.108 \\4 & 0.083\end{array}$$

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Definitions:

Price-Fixing Agreement

An arrangement between competitors to set prices at a certain level, rather than allowing them to be determined by natural market forces, often considered illegal.

Per Se Violation

An act that is considered illegal in itself, without needing to prove harm or malicious intent, usually in antitrust law.

Foreign Firm

A business entity that is incorporated or based in a country other than where it is conducting business.

Monopoly Power

The exclusive control by one company over an entire industry or sector, allowing it to manipulate market prices and conditions.