If X Is a Binomial Random Variable Where N =

question 59

Multiple Choice

If x is a binomial random variable where n = 100 and p = .1,find the probability that x is less than or equal to 10,using the normal approximation to the binomial.

• A).5675
• B).0170
• C).5714
• D).4325

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Definitions:

Average Total Cost Curve

A graph that shows the average total cost of producing different quantities of output, typically U-shaped, reflecting economies and diseconomies of scale.

Average Variable Cost Curve

The Average Variable Cost Curve graphically represents how a firm's variable costs (costs that change with the level of output) per unit of output change as the firm alters its level of production.

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good varies as production volume changes.