Below Is a Probability Model for the Number of Automobiles $$\begin{array} { l c c c c } \text { Number of automobiles } & 0 & 1 & 2 & 3 \\\text { Probability } & 0.15 & 0.20 & 0.55 & 0.10\end{array}$$

question 85

Short Answer

Below is a probability model for the number of automobiles owned by a randomly chosen family in a large town. What is the mean number of automobiles owned? $$\begin{array} { l c c c c } \text { Number of automobiles } & 0 & 1 & 2 & 3 \\\text { Probability } & 0.15 & 0.20 & 0.55 & 0.10\end{array}$$

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Definitions:

Excess Supply

A situation where the quantity of a product offered for sale exceeds the quantity demanded at the current price, often leading to a decrease in price.

Market Equilibrium

Market Equilibrium is the point where the quantity of a good or service supplied equals the quantity demanded, leading to a stable market price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Wage Rate

The amount of money paid to an employee by an employer for a unit of time worked, often expressed per hour or per year.