THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 35

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
Consider the following probability distribution function.

-What is the expected value of X?

• A)2.74
• B)0.46
• C)1.78
• D)3.02

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Definitions:

Marginal Revenue

The additional income earned by selling one more unit of a product or service.

Toys

Objects designed for play, typically used by children, that can range from simple handmade items to complex electronic gadgets.

Demand Schedule

A chart displaying how much of a product consumers are ready and able to buy at different price points.

Maximize Profits

Refers to strategies or actions undertaken by a business or enterprise aimed at increasing the difference between its total revenues and total costs.