Exhibit 6-1 -Using the Numbers in Exhibit 6-1, Determine the Median

question 5

Short Answer

Exhibit 6-1

-Using the numbers in Exhibit 6-1, determine the median.

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Definitions:

E(XY)

The expected value of the product of two random variables X and Y, indicating their joint mean over all pairs of outcomes.

Marginal Probability

The probability of an event occurring, regardless of the outcomes of other variables; it is calculated by summing the probabilities of the event across all values of the other variables.

E(X + Y)

The expected value of the sum of two random variables, equal to the sum of their individual expected values.

Covariance

A measure that indicates the extent to which two variables change together, but does not indicate the strength of their relationship.