Intro to Mathematical Economics
A binomial distribution is a probability distribution that summarizes the likelihood of a value taking on one of two possible outcomes in a fixed number of independent trials, where each trial has the same probability of success. It is characterized by two parameters: the number of trials (n) and the probability of success (p). This distribution helps to understand scenarios like flipping coins, where you want to find out how many heads you might get in a series of flips.
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