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Let X denote the number of spots on a single throw of a fair 6-sided die. Find the mean, variance, and standard deviation of X. If you can, relate the mean and variance to the mean and variance. the possible values on this die is 1, 2, 3, 4, 5, 6. So what would be the probabilities for each of these values if it is a fair die? Put this into a table then find the mean and variance. Compare these to the mean and variance for a sum of two dice.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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