List of top Economics Questions on Random variables asked in CUET (PG)

Suppose that the random variable \( X \) takes on the values: -1, 0, and 2 with probabilities \( \frac{1}{8} \), \( \frac{1}{2} \), and \( \frac{3}{8} \) respectively. Find the expected value of \( X \).

If the probability function for a random variable \( x \) is given as \( f(x) = \frac{x+3}{15} \) when \( x = 1, 2, 3 \), find the sum of the values of the probability distribution for \( x \).