The probability of occurrence px. compute the expected, Ask an Expert

Economics

The following probability distribution represents the number of people living in a Household (X), and the probability of occurrence (P(X)). Compute the Expected Value (mean), the Variance and the Standard Deviation for this random variable.

X 1 2 3 4 5 6 7

P(X) .23 .34 .18 .14 .07 .03 .01

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M939363

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question suppose the full-employment level of real gdp is

Question: Suppose the full-employment level of real GDP is increasing at a rate of 3% per period and the money supply is growing at a 4% rate. What will happen to the long-run inflation rate, assuming constant velocity? ...

Question as a manager the following facts are in your

Question: As a manager, the following facts are in your possession at the end of ‘‘this'' year and you are asked to predict the changes in the economy ‘‘next'' year. (A) The Fed has just cut the funds rate by 3/4%, but b ...

Question 1it costs a company 35000 to produce 700 graphing

Question: 1. It costs a company $35,000 to produce 700 graphing calculators. The company's cost will be $35,070 if it produces an additional graphing calculator. The company is currently producing 700 graphing calculator ...

Question topic marijuanathere is much discussion in the

Question: Topic: Marijuana There is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. Looking only at the ec ...

Question the local supermarket offers melons for 1 a pound

Question: The local supermarket offers melons for $1 a pound, but the farmer who grows it receives only 20 cents. The remainder goes for the costs of transport and retailing. Under what circumstances would the farmer pre ...

Question during the improving economic conditions of 2015

Question: During the improving economic conditions of 2015 and early 2016 much additional construction of homes and condos throughout much of the U.S. took place. This provided a significant increase in the income of wor ...

Question wikipedia the european union is a geo-political

Question: Wikipedia: The European Union is a geo-political entity covering a large portion of the European continent. It is founded upon numerous treaties and has undergone expansions that have taken it from 6 member sta ...

Question purpose of assignmentthis assignment will

Question: Purpose of Assignment This assignment will introduce students to the U.S. Department of Labor's Bureau of Labor Statistics (BLS) data and provide students with the skills to calculate inflation and interpret th ...

Suppose that demand and supply schedules are given

Suppose that demand and supply schedules are given by: Price Quantity Dem Quantity Supp $ 0 21 0 $1 18 4 $2 15 8 $3 12 12 $4 9 16 $5 6 20 $6 3 24 $7 0 28 At a price of $4, there would be a ____________ of the good. A. s ...

Question from 20003 through 20022 real growth slowed down

Question: From 2000.3 through 2002.2, real growth slowed down substantially in the US economy, which was in a recession during most of 2001. Over that two-year period, real growth averaged 1.0%. According to Okun's Law, ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert