Front

What is a discrete probability distribution?

Back

A discrete probability distribution is a statistical distribution that describes the likelihood of each possible outcome of a discrete random variable, where the outcomes are countable.

Tags

CCSS.HSS.MD.A.3

CCSS.HSS.MD.A.4

Front

What is expected value in probability?

Back

Expected value is the long-term average or mean value of a random variable, calculated as the sum of all possible values, each multiplied by its probability of occurrence.

Tags

CCSS.HSS.MD.A.2

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 sum all these products.

Tags

CCSS.HSS.MD.A.2

Front

What is the formula for expected value (E)?

Back

E(X) = Σ [x * P(x)], where x is a possible outcome and P(x) is the probability of that outcome.

Tags

CCSS.HSS.MD.A.2

Front

What does it mean for a game to be fair?

Back

A game is considered fair if the expected value of the game is zero, meaning that on average, players neither win nor lose money.

Tags

CCSS.HSS.MD.B.5B

Front

If a die is rolled, what is the probability of rolling a 4?

Back

The probability of rolling a 4 on a fair six-sided die is 1/6.

Tags

CCSS.7.SP.C.7A

Front

What is the probability of winning a raffle if you buy one ticket out of 500?

Back

The probability of winning is 1/500.

Tags

CCSS.7.SP.C.7A

Front

In the context of a stock's expected value, what does a 40% chance of being worth $50 mean?

Back

It means that there is a 40% probability that the stock will be valued at $50 at the end of the year.

Tags

CCSS.HSS.MD.A.2

Front

How do you determine if you expect to win or lose in a raffle?

Back

Calculate the expected value of the prizes and compare it to the cost of the tickets.

Front

What is the expected value of Eva's coin flip if she wins $4 for heads and loses $3 for tails?

Back

The expected value is $0.50.