THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 150

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
In a recent survey of 300 teenagers,62% of the teenagers indicated that they had been to a movie within the past month.75% of those teenagers who had seen a movie also had gone out to dinner in the past month,while only 64% of the teenagers who had not seen a movie had been out to dinner in the past month.Define the random variables as follows:
X = 1 if teenager had been to movie;X = 0 otherwise
Y = 1 if teenager had been out to dinner;Y = 0 otherwise
-Find and interpret the covariance between X and Y.

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Definitions:

Public Good

Public goods are goods that provide benefits to all members of a society, without the ability to exclude individuals from enjoying the benefits, such as clean air or national defense.

Marginal Benefit Curve

A graphical representation showing how the benefit to consumers changes as the quantity of a good consumed increases.

Society's Welfare

Refers to the overall well-being and quality of life of the people in a community, including factors like health, economic stability, and social relationships.

Marginal Social Benefit

the additional benefit to society as a whole from consuming one more unit of a good or service.