Exhibit 5-11 the Random Variable X Is the Number of Occurrences of Occurrences

question 143

Multiple Choice

Exhibit 5-11
The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3.
-Refer to Exhibit 5-11. The appropriate probability distribution for the random variable is

• A)discrete
• B)continuous
• C)either a or b depending on how the interval is defined
• D)not enough information is given

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Definitions:

Price-elastic

Refers to the responsiveness of demand or supply to changes in price, with high elasticity indicating significant response to price changes.

Quantity Demanded

The sum of a product or service that buyers are prepared and able to buy at a specific price.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, often used to gauge the sensitivity of demand.

Constant Slope

A straight line graph that indicates a uniform rate of change between two variables.