In a Survey, 80% of the Voters Support a Particular

question 58

Short Answer

In a survey, 80% of the voters support a particular referendum. If 40 voters are chosen at random, and X
is the number of voters that support this referendum, find the mean and variance of X.

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Definitions:

Price Taker

An economic actor that has no control over the market price and must accept the prevailing market price.

Inelastic Demand Curve

A graphical representation of a situation where a change in price leads to a relatively small change in the quantity demanded.

Marginal Revenue

The change in a firm’s total revenue that results from the production and sale of one additional unit of output.

Cost Conditions

The factors that determine the expenses involved in production, including material, labor, and overhead costs.