Discrete and continuous data
Distinguish between discrete and continuous data in brief.
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Discrete data are whole numbers. They take on particular values and no values in between. Data like the number of homes one has could be one or two as an example of discrete data as one could not own one and a half homes.Continuous data is a random variable and can take on any value on a range. An example of temperature could be 30.23 degrees.
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Consider a consumer with probability p of becoming sick. Let Is be the consumer’s income if he becomes sick, and let Ins be his income if he does not become sick, with Is < Ins. Suppo
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