The Accompanying Table Lists the Outcomes and the Cumulative Probability

question 19

Essay

The accompanying table lists the outcomes and the cumulative probability distribution for a student renting videos during the week while on campus.
Video Rentals per Week during Semester $\begin{array}{|c|c|c|c|c|c|c|}\hline \begin{array}{l}\text { Outcome (number of weekly } \\\text { video rentals) }\end{array} &0 &1 & 2 &3 & 4 & 5 \\\hline \text { Probability distribution } & 0.05 & 0.55 & 0.25 & 0.05 & 0.07 & 0.02 \\\hline\end{array}$ Sketch the probability distribution. Next, calculate the cumulative probability distribution for the above table. What is the probability of the student renting between 2 and 4 a week? Of less than 3 a week?

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Definitions:

Leisure Time

Leisure time is the period when one is not engaged in work or other obligations, available for relaxation, hobbies, and personal activities.

Hourly Wages

Compensation paid to employees based on the number of hours worked, critical in calculating labor costs and income.

Economic Rent

Income derived from the ownership of a factor of production that is in fixed supply, exceeding what is necessary to keep it in its current use.

Employment Gains

The increase in the number of people who are employed, reflecting positive growth in the job market.