A Random Variable Is Binomially Distributed with N = 16

question 70

Multiple Choice

A random variable is binomially distributed with n = 16 and π = .40. The expected value and standard deviation of the variables are:

• A)2.00 and 1.24
• B)4.80 and 4.00
• C)6.40 and 1.96
• D)2.00 and 1.20

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor, such as labor or capital.

Marginal Resource Cost

The additional cost incurred by acquiring one more unit of a resource, such as labor or raw materials.

Labor Demand Data

Information that reflects the quantity of labor that employers are willing to hire at various wage rates.

Labor Supply Data

Information or statistics that represent the total number of hours that workers are willing and able to work at different wage rates in a given time period.