If X Is a Binomial Random Variable with N =

question 230

True/False

If X is a binomial random variable with n = 20,and P = 0.5,then P(X = 20)= 1.0.

Know how to calculate profit or loss for discounted products.

Understand the concepts of mark-up, markdown, and break-even price in retail.

Calculate the rate of mark-up on cost and its impact on pricing strategies.

Analyze the effects of consecutive discounts and their final impact on cost.

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Definitions:

Long-run Equilibrium

A state in economics where all factors of production and economic inputs are fully utilized, leading to a steady-state economy with no tendency for change in the absence of external shocks.

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the number of units produced, indicating the cost per unit of output.

Marginal Cost

The cost of producing one additional unit of a good or service, which can influence production decisions.

Product Differentiation

A strategy businesses use to make their products unique from competitors'.