ECON 2500 Lecture 5: AP ECON 2500 F16 Session 5b
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Ap econ 2500 f2012 session 5: oct 12, 17, and 19. 0. 10: p(w or b)=, p(not blue) , p(w, black, silver, g, or r) = 0. 046: a = {first digit is 5, b = {first digit is 3 or less, p(a) , p(b) = Random variables: random variable, discrete random variables, continuous random variables, normal distributions as probability distributions. Random variables: a probability model describes the possible outcomes of a chance process and the likelihood that those outcomes will occur, a numerical variable that describes the outcomes of a chance process is called a random variable. The probability model for a random variable is its probability distribution: a random variable takes numerical values that describe the outcomes of some chance process. The probability distribution of a random variable gives its possible values and their probabilities. Example: consider tossing a fair coin 3 times, define x = the number of heads obtained.