Exhibit 5-11 the Random Variable X Is the Number of Occurrences of Occurrences

question 143

Multiple Choice

Exhibit 5-11
The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3.
-Refer to Exhibit 5-11. The appropriate probability distribution for the random variable is

• A)discrete
• B)continuous
• C)either a or b depending on how the interval is defined
• D)not enough information is given

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Definitions:

Consumer Surplus

The variance between a consumer's maximum price readiness for a product or service and the real payment made.

Marginal Buyer

The consumer whose desire or need for a product is the least among all buyers, often determining the highest price they're willing to pay in a market.

Demand Curve

A chart that illustrates the connection between a good's price and the amount that consumers want to purchase.

Consumer Surplus

The cleavage between the cumulative amount that consumers are willing to disburse for a good or service and their actual expenditure.