In a Survey, 55% of the Voters Support a Particular

question 29

Short Answer

In a survey, 55% of the voters support a particular referendum. If 30 voters are chosen at random, find the mean and variance for the number of voters who support the referendum.

---

Definitions:

Average Total Cost

The total cost of production divided by the total quantity produced, indicating the cost per unit of output.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the true profitability of a firm.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and no single entity can control the prices.

Purely Competitive

An ideal market scenario where there are many sellers and buyers, each small relative to the market, products are homogeneous, and there is free entry and exit from the market.