The random variable x has the following probability distribution:
a.Is this probability distribution valid? Explain and list the requirements for a valid probability distribution.
b.Calculate the expected value of x.
c.Calculate the variance of x.
d.Calculate the standard deviation of x.
Definitions:
Mistake as to Existence
A legal misunderstanding or error regarding the actual existence of a subject matter or condition of a contract.
Fraudulent Misrepresentation
A false statement made knowingly without belief in its truth or recklessly and without concern for its truth, which induces another party to enter into a contract.
Rescission
The act of cancelling a contract and returning all parties involved to their positions prior to the agreement, effectively nullifying the contract's obligations.
Demonstrator
A person who participates in a public protest or demonstration.
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