Expected Value
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the expected value in probability and statistics?
Back
The expected value is the long-term average or mean of a random variable, calculated as the sum of all possible values, each multiplied by their respective probabilities.
Tags
CCSS.HSS.MD.A.2
2.
FLASHCARD QUESTION
Front
How do you calculate the expected value of a discrete random variable?
Back
To calculate the expected value, multiply each possible outcome by its probability and then sum all these products.
Tags
CCSS.HSS.MD.A.2
3.
FLASHCARD QUESTION
Front
In the context of expected value, what does it mean if the expected value is greater than zero?
Back
If the expected value is greater than zero, it indicates a potential profit or gain in the long run.
Tags
CCSS.HSS.MD.B.5B
4.
FLASHCARD QUESTION
Front
What does it indicate if the expected value is less than zero?
Back
If the expected value is less than zero, it indicates a potential loss in the long run.
Tags
CCSS.HSS.MD.A.2
5.
FLASHCARD QUESTION
Front
What is the expected value of rolling a fair six-sided die?
Back
The expected value of rolling a fair six-sided die is 3.5.
Tags
CCSS.HSS.MD.A.2
6.
FLASHCARD QUESTION
Front
If you win $12 for rolling a six and $6 for rolling a one on a die, how do you find the expected value of this game?
Back
Calculate the expected value by multiplying the winnings by their probabilities: (1/6 * $12) + (1/6 * $6) + (4/6 * $0) = $3.
Tags
CCSS.HSS.MD.B.5A
7.
FLASHCARD QUESTION
Front
What is the expected value of a game where you pay $1 to roll a die and win $3 if you roll a 2 or a 4?
Back
The expected value is calculated as: (1/3 * $3) + (2/3 * $0) - $1 = $0.
Tags
CCSS.HSS.MD.B.5A
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