Find the Expected Value and Variance for the Random Variable $f ( x ) = 2 ( x - 1 )$

question 88

Short Answer

Find the expected value and variance for the random variable whose probability density function is $f ( x ) = 2 ( x - 1 )$ 1 ≤ x ≤ 2.
Enter just two reduced fractions (unlabeled) in the order E(X), Var(X) separated by a comma.

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Definitions:

Collusion

A secret or illegal agreement or cooperation between parties to limit competition and manipulate prices or market conditions in their favor.

Allocative Efficiency

Refers to a situation in which the resources in an economy are distributed according to consumer preferences, ensuring that goods are produced in the quantities exactly matching consumer desires.

Unit Costs

Unit costs refer to the cost incurred to produce, store, or acquire one unit of a product or service.

Kinked-Demand Curve Model

An economic theory suggesting that in oligopolistic markets, companies may not change their prices because the demand curve is more elastic for price increases and less elastic for price decreases.