A discrete random variable is a type of random variable that can take on a countable set of distinct values. Common examples include the number of children in a family, the outcome of rolling a die, ...

Abstract: In this chapter, we introduce the concept of a random variable and develop the procedures for characterizing random variables, including the cumulative distribution function, as well as the ...

The Virginia Lottery offers a game called the New Year's Millionaire Raffle for which the top prize is one million dollars. There are 375,000 tickets sold, of which 508 are winners. There are three ...

Discover how probability distribution methods can help predict stock market returns and improve investment decisions. Learn to assess risk and potential gains.

The total area under the curve must equal 1, representing the fact that the probability of some outcome occurring within the entire range is certain. \[\int_{-\infty}^{\infty}f\left(x\right)dx=1\] ...

In a raffle with 20 tickets, 6 tickets are drawn for prizes. The first prize winner gets $\$20$, 2 second prize winners get $\$10$, and three third prize winners get $\$5$. What is the sample space ...

Entropy represents a universal concept in science suitable for quantifying the uncertainty of a series of random events. We define and describe this notion in an appropriate manner for physicists. We ...