-If price INCREASES from $60 to $80, an arrow representing the PRICE effect
Definitions:
Exponentially Distributed
Refers to a probability distribution used to model the time between events in a Poisson process, characterized by a constant mean rate.
Random Variable
A variable whose outcomes depend on the results of a random phenomenon, with each outcome having a probability associated with it.
Density Function
A mathematical function that describes the probability distribution of a continuous random variable, giving the likelihood of any value within a range.
Exponential Distribution
A type of continuous probability distribution that is often used to model the time between independent events that happen at a constant rate.
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