Mean and variance of random variable for dealers profit
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Dealers profit is a random variable, x, having the probability density shown below.
f(x) = 2(1 - x) 0 < x < 1
0 elsewhere
a) Find the mean of x
b) Find the variance of x
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Solution Summary
Provides steps necessary to find mean and variance.
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(a) Mean = Integral [from x = 0 to x = 1] of x f(x) dx
= Integral [from x = 0 to x = 1] of 2x(1 - x) dx
= Integral [from x = 0 ...
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