Examlex
For most goods,indifference curves:
Mean
Calculating the average involves summing all numbers in a set and then dividing by the quantity of those numbers.
Probability Distribution
A mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.
Variance
A measure of the spread of a set of data points around their mean value, indicating how much the data varies.
Binomial Random Variable
A type of random variable that results from an experiment consisting of a fixed number of independent trials, each with two possible outcomes (success or failure).
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