Expected Value

looking at an outcome of a skill game.

any process that is repeatable with specific outcomes that have fixed probability

must have outcomes of equal probability.

any process that is repeatable with specific outcomes that have changing probability

is all of the possible outcomes.

is one of the possible outcomes.

can always be represented by an area model

Can always be easily represented by a tree diagram.

one possible thing that can happen.

all the things that might happen.

has an expected value of 0.

cannot be identified by from the situation.

when the game's results are consistent.

when the expected value is zero.

when the game is free.

when you should be able to win money if you play long enough.

$400

$10,000

$0

We will lose money!

We will probably make less than $300

Yes

No

I need more information to answer.

It is impossible to tell.

Change one 2 into a 3

Change one -4 into a -5

Change one -4 into a -2 and change the 1 to a 0.

Charge people 1 to play.

8

-8

2

-2