Answer:
We are given that a manufacturer sells a product as $2 per unit.
Quantity = q units
So, Total revenue =
Total revenue =
So, the total revenue function is
Marginal revenue is the derivative of the revenue functions
So, Marginal revenue =
The marginal revenue function is 2
The constant marginal revenue function mean that the revenue earned by the addition of the output is constant.
Answer:
(a) 2.22
(b) 1.3986
(c) 1.183
Step-by-step explanation:
Let <em>X</em> denote the number of women who consider themselves fans of professional baseball.
The proportion of women who consider themselves fans of professional baseball is, <em>p</em> = 0.37.
A random sample of <em>n</em> = 6 women are selected and each was asked if she considers herself a fan of professional baseball.
Each woman's reply is independent of the others.
The random variable <em>X</em> thus follows a binomial distribution with parameters <em>n</em> = 6 and <em>p</em> = 0.37.
(a)
Compute the mean of the binomial distribution as follows:
(b)
Compute the variance of the binomial distribution as follows:
(c)
Compute the standard deviation of the binomial distribution as follows: