Instruction 5-4
the Following Table Contains the Probability Distribution for X

question 65

Short Answer

Instruction 5-4
The following table contains the probability distribution for X = the number of traffic accidents reported in a day in Perth.
$$\begin{array} { | c | c | c | c | c | c | c | } \hline X & 0 & 1 & 2 & 3 & 4 & 5 \\\hline P ( X ) & 0.10 & 0.20 & 0.45 & 0.15 & 0.05 & 0.05 \\\hline\end{array}$$
-Referring to Instruction 5-4,the variance of the number of accidents is ________.

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply and demand are balanced.

Equilibrium Level

The condition where supply in the market equals demand, resulting in price stability.

Competitive Market

A market structure characterized by numerous buyers and sellers, freedom of entry and exit, and products that are similar, allowing consumers to choose from a variety of options.