Expected Value Practice

Front

What is the expected value in probability?

Back

The expected value is the long-term average or mean of a random variable, calculated as the sum of all possible values, each multiplied by its probability of occurrence.

Front

How do you calculate the expected value of a discrete random variable?

Back

To calculate the expected value (E) of a discrete random variable, use the formula: E(X) = Σ [x * P(x)], where x is a value and P(x) is the probability of that value.

Front

What is the expected number of cars for a randomly chosen American household?

Back

1.75

Front

In a community, if 30% of households have 1 child, 43% have 2 children, and 27% have 3 children, what is the expected number of children?

Back

1.97

Front

What is the mean (expected value) of the probability distribution if the options are 85, 83.2, 87.1, and 84.4?

Back

84.4

Front

If a coin is flipped 3 times, what is the expected amount of money received for getting tails?

Back

$7.50

Front

What is the expected number of hybrids sold if the options are 1.53, 0.68, 15, and 153?

Back

1.53

Front

Define 'probability distribution'.

Back

A probability distribution is a mathematical function that provides the probabilities of occurrence of different possible outcomes in an experiment.

Front

What is the significance of a probability table in calculating expected value?

Back

A probability table organizes the possible outcomes and their associated probabilities, making it easier to calculate the expected value.

Front

What does it mean if the expected value is greater than the average of the outcomes?

Back

It indicates that the outcomes are skewed towards higher values, suggesting a higher likelihood of obtaining those outcomes.