EconomicsLet A be a "random point" that coincides with the point a1, a2, a3 or a4 with equal probabil-ities.a31-1Ya20as1 aiXLet a random variable X be the first coordinate of the point A, a random variable Y be thesecond coordinate of the point A.(j) Is the point with coordinates (E[X], E[Y]) in the support of A?(k) Are the random variables X and Y correlated? Independent? Discuss.(1) What would the joint distribution be if the random variables X and Y are independentand their marginal distributions do not change.

The expectation of a random variable is the weighted average of its values. E[X] = E[Y] = 0.25(-1) +…

Economics Let A be a "random point" that coincides with the point a₁, a2, a3 or a4 with equal probabil- ities. -103 Y a2 0 as 1 a1 X Let a random variable X be the first coordinate of the point A, a random variable Y be the second coordinate of the point A. Is the point with coordinates (E[X], E[Y]) in the support of A? (k) Are the random variables X and Y correlated? Independent? Discuss. What would the joint distribution be if the random variables X and Y are independent and their marginal distributions do not change.