ECO220Y1 Chapter Notes - Chapter 9: Random Variable, Squared Deviations From The Mean, Probability Distribution
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ECO220Y1 Full Course Notes
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Random variable: assumes any of several different values as a result of some random event. Corresponding lower case letter denotes particular value it can have. Discrete random variable: takes a finite number of distinct outcomes. Continuous random variable: take any numeric value within a range of values. Range may be finite or bounded at both ends. Probability distribution: function that associates a probability p with each value of a discrete random variable x. Or with interval of values of continuous random variable. 9. 2 standard deviation and variance of random variable. Multiply each squared deviation by p(x) and sum. Add variances even if subtracting y from x. Uniform distribution: each value has probability of 1/n if discrete uniform model. For continuous random variable over [a,b], probability x that lies in any subinterval is equal to length of interval divided by length of [a,b] Exactly two possible outcomes i. ii. p: success q: failure.
