Why must one know the expected value and the variance of a distribution? Provide one concrete example to which the said concepts are significant and discuss how important the two measures are to the example identified.
An expected value gives a quick insight into the behavior of a random variable without knowing if it is discrete or continuous. Therefore, two random variables with the same expected value can have different probability distributions.
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Answer:
An expected value gives a quick insight into the behavior of a random variable without knowing if it is discrete or continuous. Therefore, two random variables with the same expected value can have different probability distributions.
Step-by-step explanation: