What is a probability model?
Homework: Chapter 16 # 1,5,21,25,29, Read chapter 16
Vocabulary: random variable, discrete random variable, continuous random variable, expected value, probability model, variance
- What is a random variable?
- What is the meaning of expected value and how is it affected by addition of a constant? multiplication by a constant?
- How is standard deviation affected by the addition of a constant? multiplication by a constant?
- How do we add or subtract random variables?
- What is a probability model and how would you create one for a discrete random variable?