expected value problems worksheet

Showing top 8 worksheets in the category - Expected Value. You pay $10 to play the following game of chance. We just don’t know what they are. Worksheet: Expected Values of Discrete Random Variables Mathematics ... a graph, and a word problem. expected value = (1/6)(25) + (1/6)(5) + (1/6)(0) + (2/6)(-10) + (1/6)(-15) = $-.83 Señor Rick is not crazy since the expected value is you loose $ -.83. Challenge Problem: Let X be the number of matching numbers on a random Texas Lotto ticket. From the table, we see that the calculation of the expected value is the same as that for the average of a set of data, with relative frequencies replaced by probabilities. 0000008188 00000 n I . In this problem we want to determine the detective’s fee so that the expected value is zero. Find the expected value of X. X={0,1,2,3,4,5,6} Hint There are 6 good numbers and 48 bad numbers. Let y be the amount of his fee. Practice with Expected Value and Fair Games 1. In Texas Lotto you select 6 numbers from 1-54. The expected value of the game is given by 12 2 12 20 8 30 12 3 10* 12 4 2* 12 5 ( ) 4* = − + − = E X = + − You should expect to lose $16.67 after one-hundred games. 0000008736 00000 n x b```a``re`f` a g@ ~& Ǣ Z]L 3h- … Q1: Work out the expected value of the random variable whose probability distribution is shown. expected value problems worksheet 21 กันยายน 2020. Some of the worksheets displayed are Practice with expected value, Excluded values date period, Expected value and the game of craps, Expectations, Expectation variance 1 expectation, Probability expected value exercises, Ap statistics review probability, Expected value theory. 3. 4. There is a bag containing 12 balls, five are red, three are green and the rest are yellow. Expected Value - Displaying top 8 worksheets found for this concept.. You are to draw one ball from the bag. Expected Value of a Random Variable We can interpret the expected value as the long term average of the outcomes of the experiment over a large number of trials. Q2: The function in the given table is a probability function of a discrete random variable . Some of the worksheets for this concept are Practice with expected value, Expected value mean and variance using excel, Expected value hw, Probability and expected value, Probability and statistics expected value work, Probability expected value exercises, Of event 2, Chapter 3 expectation and variance. Worksheet on working out the expected number of outcomes once they have worked out the probability. There is no repetition and order does not matter.

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