Q1: Work out the expected value of the random variable whose probability distribution is shown. Find the expected value of X. X={0,1,2,3,4,5,6} Hint There are 6 good numbers and 48 bad numbers. 3. The expected value of the game is given by 12 2 12 20 8 30 12 3 10* 12 4 2* 12 5 ( ) 4* = − + − = E X = + − You should expect to lose $16.67 after one-hundred games. Showing top 8 worksheets in the category - Expected Value. In Texas Lotto you select 6 numbers from 1-54. There is a bag containing 12 balls, five are red, three are green and the rest are yellow. Worksheet on working out the expected number of outcomes once they have worked out the probability. From the table, we see that the calculation of the expected value is the same as that for the average of a set of data, with relative frequencies replaced by probabilities. expected value problems worksheet 21 กันยายน 2020. You pay $10 to play the following game of chance. Q2: The function in the given table is a probability function of a discrete random variable . Practice with Expected Value and Fair Games 1. Expected Value of a Random Variable We can interpret the expected value as the long term average of the outcomes of the experiment over a large number of trials. In this problem we want to determine the detective’s fee so that the expected value is zero. 0000008188 00000 n I . Expected Value - Displaying top 8 worksheets found for this concept.. Some of the worksheets for this concept are Practice with expected value, Expected value mean and variance using excel, Expected value hw, Probability and expected value, Probability and statistics expected value work, Probability expected value exercises, Of event 2, Chapter 3 expectation and variance. expected value = (1/6)(25) + (1/6)(5) + (1/6)(0) + (2/6)(-10) + (1/6)(-15) = $-.83 Señor Rick is not crazy since the expected value is you loose $ -.83. Let y be the amount of his fee. Challenge Problem: Let X be the number of matching numbers on a random Texas Lotto ticket. Some of the worksheets displayed are Practice with expected value, Excluded values date period, Expected value and the game of craps, Expectations, Expectation variance 1 expectation, Probability expected value exercises, Ap statistics review probability, Expected value theory. There is no repetition and order does not matter. Worksheet: Expected Values of Discrete Random Variables Mathematics ... a graph, and a word problem. 0000008736 00000 n x b```a``re`f` a g@ ~& Ǣ Z]L 3h- … You are to draw one ball from the bag. We just don’t know what they are. 4.