X Has the Following Probability Distribution P(X) $\begin{array} { l l l l l } \mathrm { X } & 1 & 2 & 3 & 4 \\\mathrm { P } ( \mathrm { X } ) & .1 & .5 & .2 & .2\end{array}$

question 125

Multiple Choice

X has the following probability distribution P(X) : $\begin{array} { l l l l l } \mathrm { X } & 1 & 2 & 3 & 4 \\\mathrm { P } ( \mathrm { X } ) & .1 & .5 & .2 & .2\end{array}$
Compute the variance value of X.

• A)1.58
• B).955
• C).912
• D).625

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Definitions:

Price-inelastic

Describes a market situation where the quantity demanded of a product does not change significantly when its price changes.

Price-sensitive

Refers to the degree to which the demand for a product or service is affected by changes in its price.

Unitary-elastic

A demand or supply situation where the percentage change in quantity demanded or supplied is exactly equal to the percentage change in price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.