The Expected Value for a Binomial Probability Distribution Is

question 60

Multiple Choice

The expected value for a binomial probability distribution is

• A)E(x)  np
• B)E(x)  p(1  p)
• C)E(x)  np(1  p)
• D)E(x)  np(1  n)

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Definitions:

Marginal Social Cost

The additional cost imposed on society as a whole by producing one extra unit of a good or service.

Nonrival

A good or service that can be consumed by one individual without preventing the consumption of the good by another individual.

Nonexcludable

A characteristic of a public good, indicating that it is not feasible to prevent non-paying customers from consuming the good.

Excludable

An excludable good is one from which it is possible to prevent people from benefiting unless they have paid for it.