The Probability Density Function F(x)for a Uniform Random Variable X

question 6

Multiple Choice

The probability density function f(x) for a uniform random variable X defined over the interval [2,10] is

• A)0.20
• B)8
• C)4
• D)None of these choices.

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Definitions:

Substitutes

Goods or services that can be used in place of one another. When the price of one rises, the demand for its substitute is likely to increase.

Elastic

Describes a situation in which the supply or demand for a good or service is highly responsive to changes in price.

Long Run

A period in economic analysis where all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.

Short Run

A period in economic theory during which at least one factor of production is fixed, limiting the capacity to adjust to changes in market demand.