THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 152

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
The following table displays the joint probability distribution of two discrete random variables X and Y.
-Compute the standard deviation for Y.

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Definitions:

Price to Clear

The market price at which the quantity supplied of a good matches the quantity demanded, leading to an equilibrium where there is no surplus or shortage.

Variable Costs

Costs that vary directly with the level of production or output, such as materials and labor.

Profit-maximizing Output

The production level where maximum profit is achieved by a company, when the marginal cost matches the marginal revenue.

Fixed Cost

Costs that do not vary with the level of output or production in the short term, such as rent, salaries, and insurance premiums.