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A random variable is a numerical value that is determined by chance or probability. It represents the outcome of a random event or experiment and can take on various values with different probabilities.
A discrete random variable can only take on a finite or countably infinite number of values, while a continuous random variable can take on any value within a specific range. For example, the number of heads in 10 coin flips would be a discrete random variable, while the height of a randomly selected person would be a continuous random variable.
The expected value of a random variable is calculated by multiplying each possible value of the variable by its corresponding probability, and then summing up all of these products. It represents the average value that would be obtained if the experiment or event was repeated many times.
Probability distributions describe the likelihood of each possible outcome of a random variable. They allow us to make predictions about the behavior of the variable and determine the probability of certain events occurring. In random variable problems, understanding the probability distribution is crucial for finding solutions and making informed decisions.
Random variables are used in many real-world applications, such as in statistics, finance, and engineering. They help to model and analyze complex systems and phenomena that involve uncertainty and randomness. For example, stock prices, weather patterns, and traffic flow can all be represented using random variables.