The following table shows part of the probability distribution for a random variable x.
a.The mean of the above distribution is known to be 1.8 .
b.Compute the variance and the standard deviation for the above probability distribution.
Definitions:
Forward Buying
Forward buying is a purchasing strategy where buyers purchase larger quantities than immediately needed to take advantage of lower prices or to ensure supply against future shortage.
Market Growth
The increase in the demand or sales of a particular product or service within a specific industry or market over time.
Stealing Share
A business strategy aimed at gaining market share from competitors through tactics like competitive pricing, improved quality, or marketing.
Marginal Subcontracting Cost
The additional cost incurred for subcontracting one more unit of production or service.
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