Find Expected Value of a Game
Statistics and Probability · Flashcards · Application
STATISTICS AND PROBABILITY · FLASHCARDS
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QUESTION
A fast-food promo gives $0 with probability
0.8
0.8
0.8
and $5 with probability
0.2
0.2
0.2
. Find
E
(
W
)
E(W)
E
(
W
)
.
QUESTION
A game pays $4 with probability
0.3
0.3
0.3
and $1 with probability
0.7
0.7
0.7
. Find expected payoff.
QUESTION
Find expected payoff: prizes $0 with
0.9
0.9
0.9
, $10 with
0.09
0.09
0.09
, $100 with
0.01
0.01
0.01
; cost $2.
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ANSWER
−
1
10
-\frac{1}{10}
−
10
1
.
E
(
X
)
=
0.9
(
0
)
+
0.09
(
10
)
+
0.01
(
100
)
=
1.9
E(X)=0.9(0)+0.09(10)+0.01(100)=1.9
E
(
X
)
=
0.9
(
0
)
+
0.09
(
10
)
+
0.01
(
100
)
=
1.9
, minus
2
2
2
.
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