Mean of a Random Variable

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definition

Let X be a random variable whose possible values `x_1, x_2, x_3, ..., x_n` occur with probabilities `p_1, p_2, p_3,..., p_n`, respectively. The mean of X, denoted by µ, is the number `sum_(i=1)^n x_i p_i` i.e. the mean of X is the weighted average of the possible values of X, each value being weighted by its probability with which it occurs.
The mean of a random variable X is also called the expectation of X, denoted by E(X).
Thus , E(X) = µ = `sum_(i = 1)^n x_ip_i = x_1p_1 + x_2p_2 + ... + x_np_n.`

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Mean of a Random Variable

Topics

Mathematical Logic

Mathematical Logic

Matrices

Differentiation

Applications of Derivatives

Integration

Definite Integration

Applications of Definite Integration

Differential Equation and Applications

Matrices

Commission, Brokerage and Discount

Insurance and Annuity

Linear Regression

Time Series

Index Numbers

Linear Programming

Assignment Problem and Sequencing

Probability Distributions

Continuity

Differentiation

Applications of Derivative

Indefinite Integration

Definite Integrals

Ratio, Proportion and Partnership

Commission, Brokerage and Discount

Insurance and Annuity

Demography

Bivariate Data and Correlation

Regression Analysis Introduction

Random Variable and Probability Distribution

Management Mathematics

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Shaalaa.com | Probability part 26 (Mean of random variables)

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