Find Expected Value of a Game
Statistics and Probability · Flashcards · Recall
STATISTICS AND PROBABILITY · FLASHCARDS
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QUESTION
What is the expected net gain if expected winnings are
E
(
W
)
E(W)
E
(
W
)
and the ticket costs
c
c
c
?
QUESTION
Identify the fair ticket price
c
c
c
in terms of expected winnings
E
(
W
)
E(W)
E
(
W
)
.
QUESTION
State the formula for expected value
E
(
X
)
E(X)
E
(
X
)
for outcomes
x
i
x_i
x
i
with probabilities
p
i
p_i
p
i
.
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ANSWER
E
(
X
)
=
∑
x
i
p
i
E(X)=\sum x_i p_i
E
(
X
)
=
∑
x
i
p
i
. Sum each outcome times its probability.
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