Intro to Mathematical Economics
The Bernoulli distribution is a discrete probability distribution for a random variable that can take on one of two possible outcomes, typically labeled as success (1) and failure (0). This distribution is foundational in probability theory and statistics, representing scenarios where there are only two possible results, like flipping a coin or passing a test. It serves as the building block for more complex distributions, such as the binomial distribution, and is essential for understanding probabilities in various contexts.
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