Random Variable
Explore the concept of random variables in statistics, distinguishing between discrete and continuous types. Understand how to compute their mean, variance, and probability distributions to grasp expected outcomes and variability.
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A random variable is a set of possible values from a random experiment. It can be of two types: discrete and continuous.
Discrete random variable: A random variable can take countable numbers of distinct values like 1,2,3,4. These variables are usually counted. The variable can take only a finite number of values. Examples of discrete random variables are customers standing in a queue or number of the people in a movie hall.
Continuous random variable: A continuous random variable can take infinite possible values. For ...