(a) True/False. A binary random variable is a categorical variable. Explain the answer thoroughly.
(b) True/False. A parameter is a numerical value that summarizes the observed results. Explain the answer thoroughly.
A categorical variable that can take on exactly two values is termed a binary variable.
In statistics, a categorical variable is a variable that can take on one of a limited, and usually fixed number of possible values,each of the possible values of a categorical variable is referred to as a level.
A parameter is a numerical value that states something about the entire population being studied.
Parameters are numbers that summarize data for an entire population. Statistics are numbers that summarize data from a sample(set of observations) , i.e. some subset of the entire population.
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