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Question: Consider the following Table:
Y 0 1 2 3
P(Y) 0.10 0.30 0.40
(a) Complete the Table with the probability of P(X = 3).
(b) Calculate the mean, variance and standard deviation of Y.
(c) Suppose now we have a new random variable X = 2 + 3Y. Construct a 'Bible with the probability distribution of X for each value of Y and X.
(d) Calculate the mean, variance and standard deviation of X.
(e) Use the properties of the expected value and variance to obtain the expected value of X, E(X), and the variance of X, V(X). Compare your answers.
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