Question

A box contains five slips of paper, marked $1, $1, $10, $25, and $25. The winner of a contest selects two slips of paper at random and then gets the larger of the dollar amounts on the two slips. Define a random variable w by w

Answer 1

A random variable is a variable whose values are unknown. Random variable are mostly used in regression analysis to determine the statistical relationship between two entities.

Explanation:

There are two types of random variable;

1. The discrete random variable and

2. The continuous random variable.