A discrete variable is one that cannot take on all values within the limits of the variable. It can assume only a countable number of possible values. For example, responses to a five-point rating scale can only take on the values 1, 2, 3, 4, and 5. The variable cannot have the value 1.7. The variable "number of correct answers on a 100-point multiple-choice test" is also a discrete variable since it is not possible to get 54.12 problems correct. The number of movies you will see this year, the number of trades a broker will perform next month, and the number of securities in a portfolio are all examples of discrete variables.
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Subject 1. Basic Definitions
ribution of a population. A random variable is a quantity whose future outcomes are uncertain. Depending on the characteristics of the random variable, a probability distribution may be either discrete or continuous. <span>A discrete variable is one that cannot take on all values within the limits of the variable. It can assume only a countable number of possible values. For example, responses to a five-point rating scale can only take on the values 1, 2, 3, 4, and 5. The variable cannot have the value 1.7. The variable "number of correct answers on a 100-point multiple-choice test" is also a discrete variable since it is not possible to get 54.12 problems correct. The number of movies you will see this year, the number of trades a broker will perform next month, and the number of securities in a portfolio are all examples of discrete variables. A continuous variable is one within the limits of variable ranges for which any value is possible. The number of possible values cannot be counted, and, as you will see lat