I am trying to solve the following question from one of my classes.
I generally understand how to find the expected value and variance when given a random variable. However, when doing so, it is usually with an example where the values and probabilities of the random value are pretty easily defined (like rolling a die). In this example, I'm unsure of how to go about setting up and solving the problem because I'm not sure what values X or Y could take on and what the probabilities of those values would be. Could anyone show how to find expected values and variances in this problem?