CCG Expected Value with Area Model

Front

What is expected value in probability and statistics?

Back

Expected value is a calculated average of all possible outcomes of a random variable, weighted by their probabilities.

Front

How do you determine if a game is fair based on expected value?

Back

A game is considered fair if the expected value is zero, meaning the average outcome is neither a win nor a loss.

Front

What is the expected value of a game where you pay $1.00 to roll a die and win $3.00 for rolling a 2 or 4?

Back

The expected value is calculated as (1/3 * $3) - (2/3 * $1) = $1.00, indicating it is a fair game.

Front

What does a negative expected value indicate about a game?

Back

A negative expected value indicates that, on average, you are expected to lose money when playing the game.

Front

How do you calculate the expected value of a spinner with multiple outcomes?

Back

Multiply each outcome by its probability and sum the results to find the expected value.

Front

What is the probability of an event?

Back

Probability is the measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Front

How do you calculate the probability of two independent events occurring together?

Back

Multiply the probabilities of each independent event to find the combined probability.

Front

What is the area model in probability?

Back

The area model is a visual representation used to calculate probabilities by dividing a space into sections that represent different outcomes.

Front

What is the probability of spinning a specific color on a spinner?

Back

The probability of spinning a specific color is the number of sections of that color divided by the total number of sections on the spinner.

Front

How do you find the probability of spinning the same color on two spinners?

Back

Calculate the probability of each color on both spinners and sum the probabilities of matching colors.