In Order to Compute a Binomial Probability We Must Know

question 75

Multiple Choice

In order to compute a binomial probability we must know all of the following except

• A)the probability of success
• B)the number of elements in the population
• C)the number of trials
• D)the value of the random variable

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Definitions:

Monthly Expenses

The total amount of money spent by an individual or organization within a month, covering all necessary and discretionary expenses.

Unit Variable Cost

The cost associated with producing one additional unit of a product, not including fixed costs.

Variable Cost

Costs that vary directly with the level of production or service activity, such as materials and labor costs, unlike fixed costs which remain constant regardless of activity levels.

Fixed Cost

Represents business expenses that remain constant regardless of the level of production or sales activity, such as rent, salaries, and insurance premiums.