Expected Value & Games of Chance

Games of chance do not involve

• money.

• skill.

• probability.

• technology.

True or False: In a game of chance, each outcome is related to the previous outcome.

• True

• False

Tags

CCSS.HSS.CP.A.2

CCSS.HSS.CP.A.3

Expected value is the ________ one can expect over many repeated trials.

• best outcome

• total combination of outcomes

• average outcome

• worst outcome

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

True or False: Expected value does not have to be a possible outcome that can be achieved in one turn.

• True

• False

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.A.4

CCSS.HSS.MD.B.5

Which of the following best describes how to calculate expected value?

• Add each possible outcome together, and multiply the sum by the probability of the least likely outcome.

• Multiply each possible outcome by its probability, and add each product together.

• Multiply each possible outcome by itself, and add each product together.

• Add each probability together, and multiply it by the sum of each possible outcome.

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.A.4

CCSS.HSS.MD.B.5

Possible outcomes should always account for ________ when calculating expected value.

• exchange rate

• time

• inflation

• cost to play

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

In a game with 10 floating ducks, there are 2 ducks with a green dot on the bottom, 3 with a blue dot and 5 with a red dot. What is the probability of selecting a green duck?

• 0.2

• 0.3

• 0.5

• 0.8

Tags

CCSS.5.NF.B.3

CCSS.5.NF.B.7

Which of the following probability distributions correctly represents the scenario below?

In a game with 10 floating ducks that costs $3 to enter, there are 2 ducks with a green dot, 3 with a blue dot and 5 with a red dot. Green ducks win $8, blue ducks win $2 and red ducks win $1.

• 
• 
• 
• 

Tags

CCSS.HSS.CP.A.1

CCSS.HSS.CP.B.7

CCSS.HSS.MD.B.5

Which of the following expressions correctly shows an expected value calculation for the probability distribution below?

• $EV=\left(-5\cdot1\cdot8\right)+\left(0.4\cdot0.35\cdot0.25\right)$

• $EV=\left(-5+8+1\right)\cdot\left(0.4+0.35+0.25\right)$

• $EV=\left(-5\cdot0.4\right)+\left(1\cdot0.35\right)+\left(8\cdot0.25\right)$

• $EV=\left(-5\div0.4\right)+\left(1\div0.35\right)+\left(8\div0.25\right)$

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

The expected value of a fair game is

• zero.

• less than one.

• greater than one.

• between -1 and 1.

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5