"* Previously we have introduced the concept of a **random variable**, and the concept of **probability distribution** (via the *probability mass function* /pmf/ and *probability densiti function* ...

The total area under the curve must equal 1, representing the fact that the probability of some outcome occurring within the entire range is certain. \[\int_{-\infty}^{\infty}f\left(x\right)dx=1\] ...

"* It is estimated that 4% of people who spend time in the woods will get Lyme disease. Of people with Lyme disease, the test to determine if you have it is will give a positive reading 97% of the ...

Amusement park patrons, wanting to go on a log ride, might not have to wait in line at all, they might have to wait for hours, or the wait could be anywhere in between. For a random log rider, the ...

Density functions are nonnegative for all real numbers but greater than zero only at a finite or countably infinite number of points. Density functions are nonnegative for all real numbers and are ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...