For a Binomial Process, the Probability of Success Is 40

question 149

Multiple Choice

For a binomial process, the probability of success is 40 percent and the number of trials is 5. Find the expected value.

• A) 5.0
• B) 1.2
• C) 2.0
• D) 1.1

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Definitions:

Barter Situation

A trade system where goods or services are exchanged directly for other goods or services without the use of money as a medium of exchange.

Commodities

Basic goods used in commerce that are interchangeable with other goods of the same type.

Standard of Value

A base for comparison that allows the determination of the economic value of goods and services.

Short Run

A period in economics during which some factors of production are fixed, limiting the immediate ability of businesses to expand or change production levels.