Number of Motorcycles

question 215

Short Answer

Number of Motorcycles
The probability distribution of a discrete random variable X is shown below,where X represents the number of motorcycles owned by a family. ​ ​
-{Number of Motorcycles Narrative} Find the expected value of X.

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Definitions:

Classical Economics

A school of economic thought, originating in the 18th and 19th centuries, that focuses on free markets and the idea that markets, if left unregulated, will naturally adjust to equilibrium over time.

Keynes

A reference to John Maynard Keynes, a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.

Classical Economists

Economists, primarily from the 18th and 19th centuries, who believed in the importance of free markets, competition, and the self-regulating nature of economies.

Investment Demand

The total demand for goods and services within an economy that represents an investment by businesses or individuals.