The Mean or the Expected Value of a Discrete Distribution

question 35

True/False

The mean or the expected value of a discrete distribution is the long-run average of the occurrences.

---

Definitions:

Mark-up

The amount added to the cost price of goods to cover overhead and profit.

Eliminate

The process of removing or getting rid of something.

Contribution Margin

The amount remaining from sales revenue after all variable costs have been deducted, indicating how much revenue is contributing to covering fixed costs and generating profit.

Machine Set-ups

The arrangements and adjustments made to machinery to prepare it for a production run.