Question: Let X be a random variable with support {1, 2, 3, 5, 15, 25, 50}, each point of which has the same probability 1/7. Argue

Let X be a random variable with support {1, 2, 3, 5, 15, 25, 50}, each point of which has the same probability 1/7. Argue that c = 5 is the value that minimizes h(c) = E( |X − c| ). Compare c with the value of b that minimizes g(b) = E[(X − b)2]

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