Consider the Given Discrete Probability Distribution $$\begin{array} { | c | c | c | c | c | c | } \hline x & 1 & 2 & 3 & 4 & 5 \\\hline p ( x ) & .1 & .2 & .2 & .3 & .2 \\\hline\end{array}$$

question 94

Essay

Consider the given discrete probability distribution. Construct a graph for p(x). $$\begin{array} { | c | c | c | c | c | c | } \hline x & 1 & 2 & 3 & 4 & 5 \\\hline p ( x ) & .1 & .2 & .2 & .3 & .2 \\\hline\end{array}$$

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Definitions:

Fair Insurance Policy

Describes an insurance contract that provide coverage at reasonable, transparent, and equitable terms for both parties.

Uncertainty

The state of having limited knowledge about present or future events, making outcomes unpredictable.

Expected Value

The anticipated value of a variable, calculated as a weighted average of all possible values, with weights being their probabilities of occurrence.

Income

The total amount of money received by an individual or group over a certain period, often derived from work, investments, or business ventures.