### Determining Mean and Variance: Example Problems

1. Place eight chips in a bowl: Three have the number 1 on them, two have the number 2, and three have the number 3. Say each chip has a probability of 1/8 of being drawn at random. Let the random variable X equal the number on the chip that is selected, so that the space of X is S = {1, 2, 3}. Make reasonable probability assign