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A random variable is a variable that takes on different numerical values, each with a certain probability. It represents the outcomes of a random phenomenon.
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Discrete Random Variable: A type of random variable that can take on a countable number of distinct values.
Continuous Random Variable: A type of random variable that can take on an infinite number of values within a given range.
Expected Value: The long-term average value of repetitions of the experiment it represents, calculated as the weighted average of all possible values.