A random variable:
A)is a variable with an uncertain future value.
B)is a variable with a constant value.
C)doesn't exist in economics.
D)is useless in economic decision making.

Question

Quizplus · Accepted Answer

A random variable is a variable whose value is uncertain and can take different values with different probabilities. It is an important concept in economics and decision making because it helps in understanding uncertainty and risk.

A Random Variable