Expected Value and Standard Deviation WS

Tony is looking through a box of batteries for his television remote. One out of eight batteries will last 2 hours. Three out of eight batteries will last 6 hours. Finally, four out of eight batteries will last 10 hours.

Which table represents this scenario?

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A scratch off ticket called “Fours are Fun” has a 10% chance of winning $4, a 0.01% chance of winning $100, and 89.99% chance of winning nothing.

Which tree diagram represents this scenario?

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Tags

CCSS.7.SP.C.8B

The expected value of a slot machine is $0.40 per play. Does this mean that $0.40 must be an actual prize for this slot machine? Why or why not?

• Yes, this is how much a person expects to win!

• No, this is the long run average.

Tags

CCSS.HSS.MD.A.2

An electronics retailer is developing a model for insurance policies on new cell phone purchases. It estimates that 60% of all customers never make a claim, 25% of customers require a small repair costing an average of $50, and 15% of customers request a full refund costing $200.

What is the long-term average cost the retailer should expect to pay its customers per claim?

(a)  

Tags

CCSS.HSS.MD.A.2

Find the expected value of this random variable.

(a)  

Tags

CCSS.HSS.MD.A.2

Find the expected value of this random variable.

(a)  

Tags

CCSS.HSS.MD.A.2

Find the expected value of this random variable.

(a)  

Tags

CCSS.HSS.MD.A.2

Find the expected value of this random variable.

(a)  

Tags

CCSS.HSS.MD.A.2