Understanding Expected Value in Statistics

What is the expected value in statistics?

• The probability of a single outcome.

• The difference between the highest and lowest outcomes.

• The weighted average of all possible outcomes.

• The sum of all possible outcomes.

Which of the following represents the expected value formula?

• E(X) = P(Y1) * Y1 + P(Y2) * Y2

• E(X) = P(Yk) / Yk

• E(X) = P(Y1) + Y1

• E(X) = Σ P(Yk) * Yk

In the expected value formula, what does 'P(Yk)' represent?

• The numeric outcome of Yk

• The sum of all probabilities

• The probability of outcome Yk

• The total number of outcomes

What is the expected value of flipping a fair coin where heads wins $10 and tails loses $10?

• $0

• $5

• $-10

• $10

If a fair coin is flipped, what is the probability of getting heads?

• 1/2

• 1/4

• 1/3

• 1

What is the expected value of rolling a fair six-sided die?

• 2.5

• 3.5

• 4.5

• 5.5

When rolling a fair die, what is the probability of rolling a 3?

• 1/3

• 1/4

• 1/2

• 1/6

In the dice roll example, what is assumed about the value of each side of the die?

• Lower numbers are worth more.

• All sides have the same value.

• Only even numbers are considered.

• Higher numbers are worth more.

Which website is recommended for more practice questions?

• mathsrocks.org

• mathslucks.org

• mathstucks.org

• mathsucks.org

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