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Statistics & Probability Flashcards: Find Expected Value Of A Game

Study Find Expected Value Of A Game in Statistics & Probability with focused flashcards that help you recognize the idea, recall the key rule, and apply it in practice-style prompts.

QUESTION

Find expected payoff: prizes $0 with 0.90.9, $10 with 0.090.09, $100 with 0.010.01; cost $2.

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ANSWER

−110-\frac{1}{10}. E(X)=0.9(0)+0.09(10)+0.01(100)=1.9E(X)=0.9(0)+0.09(10)+0.01(100)=1.9, minus 22.

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Statistics & Probability: Evaluate Outcomes of Decisions

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This deck focuses on Find Expected Value Of A Game, giving you a quick way to review the definitions, rules, and examples that matter most for Statistics & Probability.

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Practice questions

1 of 24Practice questions for this set
A simple wager works like this: you pay $1 to flip a fair coin. If it lands heads, you receive $3; if it lands tails, you receive $0. (Net payoff = winnings minus $1.) What is the expected value (long-run average net gain/loss) for the player on one play?
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