Exhibit 6-1 Consider the Continuous Random Variable X, Which Has a Uniform

question 75

Multiple Choice

Exhibit 6-1
Consider the continuous random variable x, which has a uniform distribution over the interval from 20 to 28.
-Refer to Exhibit 6-1. The variance of x is approximately

• A)2.309
• B)5.333
• C)32
• D)0.667

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Definitions:

Price

The amount of money expected, required, or given in exchange for an item or service in a market.

Normal Good

A good for which demand increases as the income of consumers increases, and vice versa.

Income

Revenue generated on a regular basis from labor or investments.

Demand Curve

A graph showing how the quantity demanded of a commodity changes as its price varies.