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Q. What is Uniform Distribution?
Ans.
A distribution is the set of possible values of a random variable considered in terms of their theoretical or observed frequency. The easiest distribution is uniform.
This occurs when each possible value of a random variable is equally likely to occur, or has the same probability.
The most popular example of a uniform distribution is rolling a die. The possible outcomes are 1, 2, 3, 4, 5, or 6. Assuming the die is fair, each outcome is equally likely and has a 1/6 chance of occurring.
There are 6 possible values and each one is equally likely, so the probability of getting any one of the numbers is 1/6. The probability function is
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Example Suppose the demand and cost functions are given by Q = 21 - 0.1P and C = 200 + 10Q Where, Q - Quantity sold
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