The Mean of a Probability Distribution Is Called the

question 7

Multiple Choice

The mean of a probability distribution is called the

• A)expected value of the mean
• B)mathematical expectation
• C)both A and B
• D)none of the above

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Definitions:

Marginal Costs

The supplementary expense incurred from making one more unit of a product or service.

Fixed Costs

Costs that do not vary with the level of output in the short term, such as rent, salaries, and loan payments.

Total Revenue

The total amount of money received by a firm from the sale of its goods or services, calculated as price times quantity sold.

Total Variable Cost

The total of all costs that vary with the level of production, such as materials and labor costs.