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Expected Value Resources

Imagine you are doing research for a term paper in your English class and you have chosen the topic to be “The Benefits and Costs of My State's Lottery”. You find the following information for your...

The Spring Fling is coming up in a few months and your club needs to make $2500 in order for the club to send 5 members to the annual National Entrepreneur Conference held in San Diego CA. You are...

Draw 5 cards at random from the deck. For sums < 8 you win double that sum in dollars. For 8 ≤ sum ≤ 20 you lose half your sum in dollars. If sum > 20, you lose total sum in dollars. Find the...

Draw 5 cards at random from the deck. For sums < 8 you win double that sum in dollars. For 8 ≤ sum ≤ 20 you lose half your sum in dollars. If sum > 20, you lose total sum in dollars. Find the...

Draw 5 cards at random from the deck. For sums < 8 you win double that sum in dollars. For 8 ≤ sum ≤ 20 you lose half your sum in dollars. If sum > 20, you lose total sum in dollars. Find the...

Lessons

Expected Values of Random Variables We already looked at finding the mean in the section on averages. Random variables also have means but their means are not calculated by simply adding up the different variables. The mean of a random variable is more commonly referred to as its Expected Value, i.e. the value you expect to obtain should you carry out some experiment whose outcomes... read more