To Apply the Normal Approximation to a Binomial Distribution, Mean

question 73

Short Answer

To apply the normal approximation to a binomial distribution, mean, and variance are ________.

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Definitions:

Demand Is Inelastic

A situation where the quantity demanded of a product changes very little in response to changes in its price.

Total Revenue

The overall amount of money generated from the sale of goods or services before subtracting any expenses.

Determinants Of Elasticity

Factors that influence the sensitivity of the quantity demanded or supplied of a good to price changes.

Availability Of Substitutes

The extent to which similar or alternative products and services are accessible to consumers, influencing their choices and market demand.