Question: kindly answer Given below is the joint probability mass (PMF) function of X and Y : X 2 W 0 0.20 0.20 V 2 0.10

kindly answer Given below is the joint probability mass (PMF) function

kindly answer

Given below is the joint probability mass (PMF) function of X and Y : X 2 W 0 0.20 0.20 V 2 0.10 0 0.20 3 0.10 0.20 0 Determine (a) E(X ) , E(X ') and VAR(X) (b) E(Y ), E(Y ') and VAR(Y) (c) E(XY ) and COV(XY)

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.