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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

Microeconomics, Economics

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