Question: Let xx be a random variable that possesses a binomial distribution with p=0.5p=0.5 and n=14n=14. Using the binomial formula or tables, calculate the following probabilities.

Let xx be a random variable that possesses a binomial distribution with p=0.5p=0.5 and n=14n=14. Using the binomial formula or tables, calculate the following probabilities. Also calculate the mean and standard deviation of the distribution. Round solutions to four decimal places, if necessary. P(x12)=P(x12)= P(x4)=P(x4)= P(x=7)=P(x=7)= == ==

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.