If the Random Variable X Is Exponentially Distributed with Parameter

question 61

Multiple Choice

If the random variable X is exponentially distributed with parameter = 1.5,then P(2 X 4) ,up to 4 decimal places,is

• A)0.6667
• B)0.0473
• C)0.5000
• D)0.2500

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Definitions:

Normal Good

A good for which demand increases as consumer income rises, demonstrating a direct relationship between income and demand.

Allocative Efficiency

Achieved when resources are distributed in a way that maximizes the benefits received by society, aligning production with consumer preferences.

Output Mix

The combination or assortment of different products that a firm produces, reflecting the firm's strategy to meet various consumer demands or market segments.

Economic Growth

A growth in an economy's ability to generate goods and services over different time intervals.