Expected Value Practice

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

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.

Find the expected value. READ CAREFULLY!

Which option gives the greatest Return on Investment?

• Option I
• Option II
• Option III
• It doesn't make a difference

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.B.5

CCSS.HSS.MD.A.3

Find the expected value. Round to nearest hundreth. Do not forget to use the dollar sign, $, in your answer.

A car dealer buys hybrids for $21,000 each and sells them for $24,500 each. Find his expected weekly profit. Round to the nearest dollar. Do not forget the dollar sign, $?

HINT: Read carefully! And think about the TOTAL amount of money being gained or lost in each situation! Round to the nearest dollar. Do not forget to use the dollar, $, sign.

• 0.45
• 0.65
• 1.00
• 1.44

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.B.5

CCSS.HSS.MD.A.3

• Box A
• Box B
• Box A or B, but not C
• All boxes offer the same expected winnings

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.B.5

• 31.7
• 34.1
• 63.4
• 68.2

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.IC.A.1

CCSS.HSS.IC.B.4