<p
style="margin-left:.5in;">
Important
points in 7.5.4:<br />
</p>
<ul>
<li>
Understanding
Discrete vs. Continuous<br />
</li>
<li>
For
a Continuous Random Variable, probabilities of an interval of values are
represented by areas (that are sectioned off by vertical slices).<br />
</li>
<li>
For
a Continuous Random Variable the probability that X=(<em>any specific
value</em>) = 0. For a continuous variable there are an
infinite number of possible values the variable can have. Even if you
think of each one as equally likely (as in a Uniform Distribution), the
probability of any one particular value is 1/(infinity) which is 0.<br />
</li>
<li>
"<strong><em>expected
value</em></strong>" is a term that means the mean
(average)<br />
</li>
<li>
the
mean (“expected value”) is the "balance
point" of the area<br />
</li>
</ul>
<p>
</p>