When referring to the normal probability distribution there is not just one there is a family?

When referring to the normal probability distribution there is not just one there is a family?

When referring to the normal probability distribution, there is not just one; there is a “family” of distributions. Some normal probability distributions have equal arithmetic means, but their standard deviations may be different.

What conditions must hold for a probability distribution to be acceptable?

In the development of the probability function for a discrete random variable, two conditions must be satisfied: (1) f(x) must be nonnegative for each value of the random variable, and (2) the sum of the probabilities for each value of the random variable must equal one.

What are the conditions for binomial distribution?

1: The number of observations n is fixed. 2: Each observation is independent. 3: Each observation represents one of two outcomes (“success” or “failure”). 4: The probability of “success” p is the same for each outcome.

What is true regarding a normal distribution?

A normal distribution is the proper term for a probability bell curve. In a normal distribution the mean is zero and the standard deviation is 1. It has zero skew and a kurtosis of 3. Normal distributions are symmetrical, but not all symmetrical distributions are normal.

What conditions must hold for a probability distribution to be acceptable quizlet?

What conditions must be satisfied by the probabilities in a discrete probability distribution? The probability of each possible outcome is greater or equal to ZERO, and the sum of the probabilities of all possible outcomes is ONE.

How are personal distribution and functional distribution related?

Despite these apparent differences between personal distribution and functional distribution, there is a close relation between the two. The personal distribution in a country is ultimately affected by its functional distribution of income.

Why is the functional distribution of income unjust?

Higher personal incomes mean higher standard of living and greater efficiency in production. On the other hand, if the functional distribution of income is unjust and is based on the exploitation of factors of production, the personal distribution of income is also unjust and inequitable. As a result, the majority of people will be poor.

What is the nature and function of distribution?

What is the nature and function of distribution (place)? Distribution is efficiently managing the acquisition of raw materials by the factory and the movement of products from the producer or manufacturer to business-to-business (B2B) users and consumers.

How is national income and personal income distributed?

Personal distribution of national income or what is known as ‘size distribution of incomes’ means the distribution of national income among various individuals or persons in a society. As is well-known, national income is not equally distributed among various individuals in the country.