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Markov's and Chebyshev's Inequality: Course Material 20-22

Markov's and Chebyshev's inequalities provide bounds on probabilities when the distribution is unknown. They can estimate the probability that a random variable will exceed a certain value based on its mean. For example, if items produced in a factory have a mean of 50 per day, Markov's inequality implies the probability of producing over 75 items is at most the mean of 50 divided by 75, which is 50/75 or 2/3.

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Gandhi Jenny Rakeshkumar BD20029
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53 views4 pages

Markov's and Chebyshev's Inequality: Course Material 20-22

Markov's and Chebyshev's inequalities provide bounds on probabilities when the distribution is unknown. They can estimate the probability that a random variable will exceed a certain value based on its mean. For example, if items produced in a factory have a mean of 50 per day, Markov's inequality implies the probability of producing over 75 items is at most the mean of 50 divided by 75, which is 50/75 or 2/3.

Uploaded by

Gandhi Jenny Rakeshkumar BD20029
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Markov’s and chebyshev’s inequality

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Markov’s and Chebyshev’s inequality are used only where the distribution

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is not known in certain to get bounds on probability

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20 o
D IC
M LR
When the distribution is known, then it can be used to calculate the exact

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probabilities
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Shounak Basak
10/19/2020
PODS Area, XLRI – Xavier School of Management
5
Problem
Problem # 8.1

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The items produced in a factory in a day follow a random variable with a mean 50. What is the probability that that

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today’s product would be more than 75?

20 o
D IC
M LR
,B X
T1 of
Q rt
Pa

Shounak Basak
10/19/2020
PODS Area, XLRI – Xavier School of Management
6
Solution
Problem # 8.1 Solution

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2 e
-2 urs
20 o
D IC
The random variable 𝑋 has mean 50:

M LR
,B X
T1 of
Q rt
Pa

Shounak Basak
10/19/2020
PODS Area, XLRI – Xavier School of Management
7
Solution
Problem # 8.1 Solution

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M
2 e
-2 urs
20 o
The random variable 𝑋 has mean 50:

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By Markov’s inequality,

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𝐸𝑋

,B X
𝑃 𝑋 > 75 ≤
75

T1 of
Q rt
Pa

Shounak Basak
10/19/2020
PODS Area, XLRI – Xavier School of Management
8

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