Expected Value Practice

Choose an American household at random. What is the expected number of cars for that household?

(a)  

Tags

CCSS.HSS.MD.A.2

In a certain community, 30% of households have 1 child, 43% have 2 children, and 27% have 3 children. If a household is selected at random, what is the expected number of children in that household? HINT: A Probability table may be helpful.

(a)  

Tags

CCSS.HSS.MD.A.2

Find his expected number of hybrids sold

(a)  

Tags

CCSS.HSS.MD.A.2

A student group sells 500 raffle tickets. At the drawing the top prize will be a gift certificate for $100. Second prize will be a $50 gift card and there will be five 3rd prizes, each a $20 gift card. Do you expect to win or lose (on average)? How much?

(a)  

Tags

CCSS.HSS.MD.B.5A

Suppose you buy a lottery ticket for $6. Out of 1000 tickets, the prize for the one winning is to be $800. What is the expected profit/loss for playing this game?

• $800

• -$6.50

• -$6

• -$5.20

Tags

CCSS.HSS.MD.B.5A

Find the mean (expected value) of the probability distribution.

(a)  

Tags

CCSS.HSS.MD.A.2

Eva flips a coin. If she gets heads, she wins $4. If she gets tails, she loses $3. What is her expected value of a coin flip?

(a)  

Tags

CCSS.HSS.MD.B.5A

A coin is flipped 3 times. If you get tails once you get $5, tails twice you get $15, and tails on all three flips you get $40. What is the expected amount of money you will get?

(a)  

Tags

CCSS.HSS.MD.A.2

If the expected value is negative, are you expected to profit or lose money?

• Profit

• Lose

Tags

CCSS.HSS.MD.B.5B

What is a discrete random variable?

• A discrete random variable is a variable that can take on both countable and uncountable values.

• A discrete random variable is a variable that can have decimals.

• A discrete random variable is a variable that can only have fixed values (usually whole numbers)

• A discrete random variable is a variable that can take on any value within a given range.