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1.	4/12 5/123/12  2.	Heads plus jack or queen = 1/4Tails plus jack or queen = ¼Heads plus king or ace = ¼ Tails plus king or ace = ¼ X=4 3.	No there are only 8 outcomes and 9 probabilities         4.	72/895, 112/895, 711/895   5.	.40                6.	No, there shouldn’t be any negative numbers in probabilities 

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1.	4/12 5/123/12  2.	Heads plus jack or queen = 1/4Tails plus jack or queen = ¼Heads plus king or ace = ¼ Tails plus king or ace = ¼ X=4 3.	No there are only 8 outcomes and 9 probabilities         4.	72/895, 112/895, 711/895   5.	.40                6.	No, there shouldn’t be any negative numbers in probabilities 

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To class, pick an event of your choice. Find different probabilities of each event occurring. compute the expected value.

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Random Variables are just numbers which represents the outcome of random processes. For example, flipping a coin, rolling a dice.
A random variables simply a way of representing numerical outcomes that occur with different probabilities - Froeb, McCain, Shor, and Ward, 2014.

Random Variables can be of two types
1. Discrete random Variables. This takes into account only countable number of values. For example, number of students taking test, number of cats sleeping, number of apples in a box.
2. Continuous Random variables. This takes into account an infinite number of possible values. For example, measurements like height, weight, time taken to hike a mountain, amount of sugar in juice.
A continues random variable is not defined at specific values, it is defined over an interval of values and is represented by the area under a curve (which is called an integral)

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Please respond to this post to show your presence.

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1. ECN-601 Economics
This class introduces microeconomics and macroeconomics concepts that are relevant to business with a focus on how to use economic data for business decision making.
2. padlet.com
3. Classroom Participation
4. Syllabus
5. Objectives
6. Text Book
Managerial Economics: A Problem Solving Approach Froeb, L. M., McCann, B. T., Shor, M., Ward, M. R. (2016). Managerial     Economics: A problem solving approach (4th ed.). Boston, MA: Cengage          Learning. ISBN-13: 9781305259331

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Name: Praveena Jayaraman
Office: CCOB Bldg 35, Room 105
Office hours M-R 2:00-5:00 PM/by appointment
Office phone number (602) 639-7838
Email: Praveena.jayaraman@gcu.edu