1) Explain the importance of continuous variables.

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.16P
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1) Explain the importance of continuous variables.
2) How do we define the probability P(X) of a
continuous random variable? Provide two examples
of continuous random variables.
3) Explain what is meant by a discrete random
variable (X), its expected value and standard
deviation.
4) What is the usefulness of the Central Limit
Theorem?
Transcribed Image Text:1) Explain the importance of continuous variables. 2) How do we define the probability P(X) of a continuous random variable? Provide two examples of continuous random variables. 3) Explain what is meant by a discrete random variable (X), its expected value and standard deviation. 4) What is the usefulness of the Central Limit Theorem?
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