**Prerequisites**

**Before you start reading this unit, you should:**

- Be able to differentiate between discrete and continuous random variables
- Be familiar with pmf and pdf
- Calculate marginal density of random variables

**Learning Objectives**

**After going through this unit, you would be able to**

- Understand the expectation, variance, conditional mean, Chebychev’s theorem, moments, moment generating function, and characteristic function
- Calculate expectation, variance, conditional mean, given joint density functions of
*X*and*Y* - Apply Chebychev’s theorem to a random variable with some mean and variance

Consider for instance, a salesman’s average monthly income. This average may not be equal to any of his monthly pay. ...

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