The Discrete Random Variable X Is the Number of Students

question 49

Multiple Choice

The discrete random variable X is the number of students that show up for Professor Smith's office hours on Monday afternoons.The table below shows the probability distribution for X.What is the expected value E(X) for this distribution?

• A) 1.2
• B) 1.0
• C) 1.5
• D) 2.0

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Definitions:

Explicit Costs

These are the direct, clear expenses related to business operations, such as salaries, utilities, and rent, that are easily quantifiable.

Accounting Profit

The difference between the total revenue and explicit costs of a firm, not accounting for implicit costs.

Economic Profit

The variance between a company's overall incomes and its combined explicit and implicit expenses.

Implicit Costs

The opportunity costs of using resources owned by the firm for its operations instead of renting, selling, or utilizing them in other ways.