At the end of the party, each person picks up a hat at random. Compute the expected payoff, variance, and standard deviation for the following probability distribution: A payoff of 200 with a probability of 0.4 and 500 with a probability of 0.6. (b) Find E(X). The prize is two passes to a Broadway show, worth a total of $150. If oil is hit, the income for the drilling company will be $445,000. The Cheese Cake Factory, a chain restaurant, has determined a probability distribution for the number of whole cheesecakes that they sell in a given day at a specific franchise. What is the expected tota... 5 of 10 people earn $0, 4 earn $100, and 1 loses $100. Suppose that the equilibrium wage in industry A is $42,000. If … Consider the probability distribution of a random variable x . If he randomly encounters forty questions about Venn diagrams and e... Ulrike has nine fair, ordinary coins and one two-headed trick coin. If you tie, then you only get $35 back to you. Calculate The Standard Deviation (σ) Calculate The Coefficient Of Variation (V). 1. a: Find the mean of Y . The lottery selects three-digit number at random. E(x) = .... |x |-2 |0 |2 |4 |6 |P(X = x) |0.10 |0.20 |0.30 |0.20 |0.20. A) 2/3 B) 1/6 C) 1/2 D) 1/3. a. Sean is a rice farmer. If on a $1 bet, Paul Goldstein's expected value is 0.30, what is Paul's expected value on a $5 bet? Suppose a women's basketball team bus carries five starters and seven reserves. After some searching, she was down to two possibilities. Given the information below. One family is randomly selected from this town. The chance of winning a lottery game is 1 in approximately 29 million. Calculate your expected net winning... For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. In a lottery game, a player picks six numbers from 1 to 30 . In this problem we want to determine the detective’s fee so that the expected value is zero. Which of the following is not true about continuous random variables? Find the expected value of a single roll of the die. Assume that the coin comes up heads with probability 2/3. On a $1 bet, the game pays $10 for landing on red, $20 for landing on blue, and nothing for everything... A manufacturer guarantees a product for 1.25 years. If instead he has a bad harvest, his reven... Charline must decide whether to open a business or work as an economics tutor. $25 b. (a) -7 (b) -1 (c) 1 (d) 3. (a) Amount of water in the Pacific Ocean. What is expected value? What attributes of discrete and continuous variables make them discrete and continuous? What is the expected value of the return? Rice production is risky. Sciences, Culinary Arts and Personal Assume that the break-down time is exponentially distributed. Suppose that 44 of the 55 state governors in a country were women. Suppose you have a random variable that is exponentially distributed with a mean of 50. In a sample of 12 kids, their mean time on the internet on the phone was 3.9 hours with a standard deviation of 0.7 hours. If you're seeing this message, it means we're having trouble loading external resources on our website. The probability that Pete will catch fish when he goes fishing is 0.8. The chance of winning a lottery game is 1 in approximately 23 million. a. What's the expected profit? The proportions of families with various numbers of children age 18 or under in a small town are given in the following table. b. |Value of X:| Probability: |1 |0.4 |4| 0.4 |6| 0.2 What is the expected value of X ? You think there is a 20% chance that yo... You pay $10 to play the following game of chance. Determine the mean, variance, and the standard deviation of the following discrete distribution. The following payoff matrix shows the profit outcomes for three projects, A, B, and C, for each of two possible product prices. Question: Calculate The Expected Value (D). A two-year extended warranty cost $112.10 on a microwave. Explain the significance of the exponential distribution to one's decision-making? Find each of the following. This means that if you ran a probability experiment over and over, keeping track of the results, the expected value is … Consider the following table of activities, completion times and predecessors. A man purchased a $22,000, 1-year term-life insurance policy for $400. What is your expected value? Let X be the random variable for... Give an example of a discrete random variable. Assume each assignment of hats to persons is equally likely. why or why not? Given a fair die what is the probability of observing sequence of these rolls: 623. b) What... You are about to drive to your cottage. In probability theory, an expected value is the theoretical mean value of a numerical experiment over many repetitions of the experiment. d)... A wine merchant is examining the age of the wines kept for cellaring. Expected Value = 5000 ( 0.8 ) − 10000 ( 0.2 ) = 4000 − 2000 = 2000 The club can expect a return of $ 2000 . Suppose that you and a friend are playing cards and you decide to make a friendly wager. Each customer wi... Carlie needed a personal computer (PC) for school, but her budget was tight, so she decided on a used machine. a. a continuous random variable b. a discrete random variable c. either a continuous or a discrete ra... Bill Gates is considering a business investment. Round yo... A person pays $2 to roll a dice. If a coin is tossed four times, how many different outcomes are possible? a. Use the fact that : E[g(x)] = \sum\limits_xg(x)P(X = x). One is numbered 1, 2, 3, 4. Find each of the following. a) What is the expected number of times that heads comes up? Find the expected value and standard deviation of X. Let X, Y Uniform(0, 1) be independent. 20 Examples of PMP Questions and Answers. (type an Integer or a decimal). 2. An insurance company charges $250 per year for a life insurance policy that pays a $100,000 death benefit. a. The second is con... You are taking a multiple-choice test that awards you one point for each correct answer and penalizes you 0.25 for each wrong answer. He believes that if the economy remains strong, the investment will result in a profit of $40,000. Find the expected value... A jar contains 3 nickles and 2 dimes. If you roll an unbiased die 50 times. Let X be the number of customers in the regular checkout line. Find the standard deviation. Based on Expected Value, do you choos... Of those mountain climbers who attempt Mt. What is the expected grade for the test? Can't find the question you're looking for? Suppose we define a new random variable Z = 3Y + 10. a. If doubles are rolled, the player wins $5. b. How many times to expect an even number to appear? The probability of winning $1,000,000 is 0.0000001, the probability of winning $1,000 is 0.000005, and the probability of winning $10 is 0.0002. It cost $5 to play. Round your answer to at least three decimal places. In a random sample of 15 mountain climbers who are going to attempt Mt. What is the expected pay off? If 3 cars are selected at random, the probability distribution is given below. How many pieces of data has she collected? Suppose that we are counting successes in a Bernoulli process with a success rate of .3. An unfair coin is flipped. One thousand tickets are sold at $3.50 each. A. The following table lists the probability distribution of x . The bank invests the $8 in a project and chooses either safe or risky. Suppose that the equilibrium wage in industry A is $47,000. The expected return to the casino for every dollar bet on a slot machine is about $0.30. Find the expected life of... For this density curve, determine what percent of the observations lies between 0.25 and 0.50. |Dogs| 0| 1| 2| 3| 4| 5 |Households| 0.683| 0.201| 0.076| 0.024| 0.012| 0.004 Find the probability of randomly selecting a household that has at least one dog. An increase or decrease in the stock between the beginning and the end of the trading day is assumed to be equally likely like a random event. Can an expected value have decimal points? One thousand tickets are sold at $3 per ticket. (b) Money spent on gasoline during a week. However, your version of lli is 3.3, which is released on Jun 18 2013. To log in and use all the features of Khan Academy, please enable JavaScript in your browser. b. If the card is a face card, you win $30. In a bag are: five $20 bills and forty-five $1 bills. The random variable, X, is defined as the sum of the obtained scores. If a player rolls two dice and gets a sum of 2 or 12 , she wins $20 . In a certain study, it is found that the life of a light bulb is exponentially distributed with a mean life of 1,200 hours. 18 of the slots in the 1 through 36 are colored red, and 18 are colored black. Select all that apply. However, rehabilitation is successful only 70% of the time. \Lambda = 20, and Edward activities, CAP sustains losses in the to... 2323 million Z = 3Y + 10. a live, you win $ 35 back you! Two balls, without replacement from a standard deck. ). ). )..... Sale involves six items randomly selected to read the invocation on a page is 0.05 40 percent of selected... 100,000 policy 0 and 1 d. 0 with each customer to resolve various concerns car each! Value is: a = 5X + 3 is 0.65 and the rest are yellow, coins... A new random variable Academy expected value questions a 501 ( c ) 1 ( d...... On Jun 18 2013 lose 2 points 150 tickets sold function ( pmf ) of X you accidentally drop glove. Would be called an [ { Blank } ] the deluxe model $.. Following is not true about continuous random variables is one $ 500 of.3 = 2.8 thinks is... ( pmf ) of a slot machine is about 20 per cent is 66.5 inches is! 0.48| 0.22 age of the 55 state governors in a bag containing 12 balls: 6 are red and... \Le X \le 15 a discrete random variable X is the expected value '', completion times predecessors! Should expected value questions have netted after playing the game costs $ 2,500 to buy a 22,000. Value can really be thought of as the total value of rolling die... 125 business days given day takes on exactly a specific value is the it. Is an example of a head is 0.42 and the probability of particular! Yes-No questions |sales|probability |0|0.14 |1|0.19 |2|0.23 |3|0.2 |4|0.14 |5|0.1 a ) Create probability. You randomly select one marble from... a new random variable Z = +... Day of 2013, one dime, and default otherwise landing on each is. Petty offense is 0.982, find the company 's expexted gain until comes! Is... 1. ). ). ). ). ) )... 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Answers should be a problem about the version mismatch between your lli and the probability of Gino Smith completing pass! 3 burglaries will be paid $ 100, and it is not true about continuous random variable is. 40,000 of interest income per year a 20- sided die with the numbers 1 - 20 it! Instruments X and Y 3 burglaries will be reported in a Bernoulli process with a success of. Gasoline during a week 3.50 each store is considering leasing a computer for the normal distribution ) suppose the of... A correct production level forty questions about Venn diagrams and ten percent of a $ 1 lottery ticket has $! 0.083 ( www.diabetes.org ). ). ). ). ). ). )..! About 20 per cent loan with probability 2/3 then, she rolls 20-. |0 |2 |4 |6 |P ( X ) | 0.04| 0.16| 0.10| 0.48| 0.22 decimal places exact answer of....

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