Asked by Francesco Ancona on Sep 26, 2024
A continuous variable may take on any value within its relevant range even though the measurement device may not be precise enough to record it.
Continuous Variable
A variable that can assume an infinite number of values within a given range, representing quantities that can be divided into smaller increments.
Relevant Range
The range of activity or volume over which specific cost behavior assumptions are valid.
Measurement Device
An instrument or tool used to obtain quantitative data by measuring a physical quantity.
- Understand the concept and properties of continuous and discrete random variables.
Learning Objectives
- Understand the concept and properties of continuous and discrete random variables.
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