Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values.
Example Problems
A carnival coin game costs $3 to play. You flip three fair coins and earn $4 for each head. If is the amount of money you gain from one play:
Given that , calculate .
Round your answer to two decimal places.
| X = money gained | -$3 | $1 | $5 | $9 |
|---|---|---|---|---|
| P(X) | 0.125 | 0.375 | 0.375 | 0.125 |
Given that , calculate .
Round your answer to two decimal places.
A basketball player shoots two independent free throws and makes each shot with probability 0.7. The table below shows the probability distribution of = the number of free throws made.
Given that shots, calculate .
Round your answer to two decimal places.
| = # made | 0 | 1 | 2 |
|---|---|---|---|
| 0.09 | 0.42 | 0.49 |
Given that shots, calculate .
Round your answer to two decimal places.
A raffle sells 100 tickets at $2 each. Exactly one ticket wins a $150 prize. Let be the player's net gain from buying one ticket.
Given that , calculate .
Round your answer to two decimal places.
| = money gained | ||
|---|---|---|
| 0.01 | 0.99 |
Given that , calculate .
Round your answer to two decimal places.
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