To Construct a Binomial Distribution, We Need to Know the ___________

question 63

Short Answer

To construct a binomial distribution, we need to know the ___________ and the probability of a success.

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Definitions:

Economic Profit

Profit calculated by subtracting both explicit and implicit costs from total revenues, providing a more complete measure of real profitability.

Quantity

The amount or number of a product or service available or demanded in a market.

Costs

The expense incurred in the production of goods or services or in the undertaking of any activity.

Price-Taker Firm

A company that must accept the prevailing prices in the market of its products because its own activity does not affect market prices.