Here are the essential concepts you must grasp in order to answer the question correctly.
Mean
The mean, often referred to as the average, is a measure of central tendency that summarizes a set of values by dividing the sum of all values by the number of values. In the context of a random variable, the mean represents the expected value, indicating where the center of the distribution lies. It is a crucial concept in statistics as it provides a single value that represents the entire dataset.
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Random Variable
A random variable is a numerical outcome of a random phenomenon, which can take on different values based on the outcome of a random event. Random variables can be discrete, taking on specific values, or continuous, taking on any value within a range. Understanding random variables is essential for calculating probabilities and statistical measures like the mean.
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Intro to Random Variables & Probability Distributions
Expected Value
The expected value of a random variable is a fundamental concept in probability and statistics that represents the long-term average of the variable's outcomes. It is calculated by multiplying each possible outcome by its probability and summing these products. The expected value provides insight into the average result one can anticipate from a random variable over numerous trials.
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Expected Value (Mean) of Random Variables