Random Variables and Univariate Probability Distributions Random Variables Random Variables Example 5(3.5) Suppose S={s :-oo<s<oo.Define X(s)-1 if s >0 andX(s)=0ifs≤0. Remark: Here,X is called a binary random variable because there are only two possible values X can take.The binary variable has wide applications in economics. Random Variables and Univariate Probability Distributions Introduction to Statistics and Econometrics May23,2019 10/287Random Variables and Univariate Probability Distributions Random Variables and Univariate Probability Distributions Introduction to Statistics and Econometrics May 23, 2019 10/287 Example 5 (3.5) Random Variables Random Variables Remark: