It should be A 6,1 because 6 is the x-axis and 1 is the y-axis
Answer:
I can help u do you know why because I am here aka if all might was a teacher
Answer:
μ = 1 The firm expects that one oil exploration will be successful.
v(x)= 0.9
Step-by-step explanation:
The first step is to define the random variable x as:
x: number of oil explorations being succesful
Then x can be take this values:
x = 0 , x =1 ... x =10
x is a binomially distributed random variable with parameters.
p = 0.1 and n=10
And the mean or the expected value of x is:
μ = E(x) = np
Then μ = 10*0.1 = 1
And the variance of x is:
V(x) = np(1-p)
V(x) = 10(0.1)(1-0.1)= 0.9
Answer: a) c(x) = 0.124x + 1.1, b) 13 units
Step-by-step explanation: Revenue function = R(x) = 0.21x
Profit function = p(x) = 0.086 - 1.1
Cost function = c(x) =?
A)
Recall that profit = total revenue - total cost
Hence, total cost = total revenue - profit
c(x) = 0.21x - (0.086x - 1.1)
c(x) = 0.21x - 0.086x + 1.1
c(x) = 0.124x + 1.1
B)
Break even point is the point where total revenue equals total cost
R(x) = c(x)
0.21x = 0.124x + 1.1
0.21x - 0.124x = 1.1
0.086x = 1.1
x = 1.1/0.086
x = 12.79 which is approximately 13 units
