What is the expected value of a random variable?
6.2 Expected Value Flashcard

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•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
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.
2.
FLASHCARD QUESTION
Front
How do you calculate the expected value?
Back
Multiply each possible outcome by its probability, and add each product together.
3.
FLASHCARD QUESTION
Front
What is a discrete random variable?
Back
A discrete random variable is one that can take on a countable number of distinct values.
4.
FLASHCARD QUESTION
Front
What is a continuous random variable?
Back
A continuous random variable can take on an infinite number of values within a given range.
5.
FLASHCARD QUESTION
Front
If a spinner has sections labeled 3, 4, 4, 5, and 6, what is the probability of landing on 4?
Back
6.
FLASHCARD QUESTION
Front
In a spinner spun 75 times, how many times would you expect it to land on 4?
Back
7.
FLASHCARD QUESTION
Front
What is the formula for expected profit in a business scenario?
Back
Expected profit = (Selling Price - Cost Price) x Number of Units Sold.
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