Let \(X\) be a random variable with probability density function
\[ f(x)=\begin{cases}\dfrac{2}{x^{3}} & x\ge 1 \\ 0 & x\lt 1 \end{cases} \]Which of the following statements is correct?
- A. both mean and variance exist
- B. mean exists but variance does not existCorrect
- C. both mean and variance do not exist
- D. variance exists but mean does not exist
The mean is \(E(X)=\displaystyle\int_{1}^{\infty} x\cdot\dfrac{2}{x^{3}}\,dx=\int_{1}^{\infty}\dfrac{2}{x^{2}}\,dx=\left[-\dfrac{2}{x}\right]_{1}^{\infty}=2\), which is finite. For the variance we first need \(E(X^{2})=\displaystyle\int_{1}^{\infty} x^{2}\cdot\dfrac{2}{x^{3}}\,dx=\int_{1}^{\infty}\dfrac{2}{x}\,dx=\big[\,2\ln x\,\big]_{1}^{\infty}\), and this integral diverges. Since \(E(X^{2})\) is infinite, \(\operatorname{Var}(X)=E(X^{2})-\big(E(X)\big)^{2}\) cannot be evaluated. Hence the mean exists but the variance does not.