The probability distribution of the random variable X is shown in the accompanying table. 
Find the following, rounded to two decimal places, if necessary. 
__________ 
__________ 
__________ 
__________
Definitions:
Price Elastic
Price elastic describes how the quantity demanded of a good or service changes in response to a change in its price.
Income Portion
The part of an individual's or household's income that is allocated for various types of spending or saving.
Close Substitutes
Goods or services that can easily replace each other in consumption due to their similar characteristics.
Families' Budgets
Financial plans created by families to manage their income, expenses, savings, and investments over a specific period.
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