Asked by Ankush Aggarwal on Jun 29, 2024
Verified
You go into a grocery store to buy a soft drink.You find that different brands or varieties have different prices: for a one-liter bottle,Coke costs $1,Pepsi costs $0.95,and ginger ale costs $1.05.The price of a one-liter bottle of a soft drink at your grocery store is therefore a random variable.
Random Variable
A variable whose possible values are outcomes of a random phenomenon, often used in probability and statistics.
Soft Drink
A non-alcoholic beverage usually carbonated, sweetened, and flavored, including sodas and cola drinks.
Different Prices
The phenomenon that occurs when a seller sets varied prices for the same product in different markets or purchase contexts, often reflecting variations in demand elasticity.
- Comprehend the principle of random variables and their association with risk and uncertainty in economic decision-making.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
False
Explanation :
The price of a one-liter bottle of a soft drink is not a random variable in this context because the prices are fixed and known for each brand or variety, not determined by chance.
Learning Objectives
- Comprehend the principle of random variables and their association with risk and uncertainty in economic decision-making.