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Why is it important to find the possible values of random variable?
Random variables are very important in statistics and probability and a must have if any one is looking forward to understand probability distributions. It’s a function which performs the mapping of the outcomes of a random process to a numeric value. As it is subject to randomness, it takes different values.
Where do the values of a random variable come from?
A random variable is a variable that takes specific values with specific probabilities. It can be thought of as a variable whose value depends on the outcome of an uncertain event.
What do you need to know about random variables?
Random variable becomes a nightmare for people when they first encounter it in Probability or Statistics course. In this blog, I will take you through random variables. What if I say random variables are not variables but are functions which take up random values. I used the word function in the above definition.
Which is an example of a discrete variable?
If a variable can take countable number of distinct values then it’s a discrete random variable. For example: In an experiment of tossing 2 coins, we need to find out the possible number of heads. In this case, X is the random variable and the possible values taken by it is 0, 1 and 2 which is discrete.
Is the demand for fruit juice a random variable?
The demand for the type of fruit juice is random and can take any value. Similarly, when you toss a coin, can you say with certainty whether it will be Heads or Tails or when you throw a die, can you predict its outcome what number will come?
Why are random variables superfluous in discrete cases?
As long as we talk about discrete cases (meaning numbers are integer: we cannot get 1.5 heads), it may look like the concept of a random variable is superfluous, because we could always go look at and see how many cases satisfy our question and how many do not.