IM2 HW #21 Probability - Expected Value, Union, Intersection

Front

What does the union of two events A and B represent?

Back

The union of two events A and B, denoted as A or B, represents the event that either A occurs, B occurs, or both occur.

Front

What does the intersection of two events A and B represent?

Back

The intersection of two events A and B, denoted as A and B, represents the event that both A and B occur simultaneously.

Front

What is the formula for calculating the expected value (EV) of a random variable?

Back

EV = Σ (Probability of each outcome × Value of each outcome).

Front

If a coin is flipped, what is the probability of getting heads?

Back

The probability of getting heads when flipping a fair coin is 1/2.

Front

What is the probability of not getting event A (P(not A)) if P(A) = 1/4?

Back

P(not A) = 1 - P(A) = 1 - 1/4 = 3/4.

Front

What is an example of a certain event in probability?

Back

Landing on a number when rolling a standard die is a certain event, as it will always happen.

Front

If you flip a coin three times, what is the total number of possible outcomes?

Back

The total number of possible outcomes is 2^3 = 8.

Front

What is the expected value if you win $5 for one tail, $15 for two tails, and $40 for three tails when flipping a coin three times?

Back

The expected value is $12.50.

Front

What does it mean for an event to be independent in probability?

Back

Two events are independent if the occurrence of one does not affect the occurrence of the other.

Front

What is the probability of rolling a 4 on a standard six-sided die?

Back

The probability of rolling a 4 is 1/6.