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What is the significance of gamma and beta functions?
What about beta function? Can you give me an example of its application?
The beta function is commonly used in probability theory, particularly in Bayesian statistics, where it is used to compute the integral of the posterior distribution. The beta function is also used in the computation of the cumulative distribution function and probability density function of the beta distribution, which is used to model random variables with values between 0 and 1, such as proportions and probabilities.