The Pareto probability density function has the form

Where k and M arc positive constants.
(a) Find the value of C that makes f(x) a probability density function.
(b) For the value of C found in pan (a), find the value of the mean (. Is the mean finite for all positive k? If not, how does the mean depend on k?
(c) For the value of C found in part (a), find the variance (2, How does the variance depend on k?

Transcribed Image Text:

CMk 0