Find the average number of children per household.
Note: In this example, X represents the net gain. You are about to make an investment which gives you a 30% chance of making $60,000 and 70% chance of losing $ 30,000. There is no repetition and order does not matter. Hillview Church plans to raise money by raffling a television worth $500. If the probability of hitting oil is 3% and of hitting gas is 6%, find the expected value of sinking a test well. On average, how many children are there to a family? In other words if you win first prize, you do not gain $200; you gain $195 because you paid for a ticket. Suppose that r is a function from S into ℝ. A game involves drawing a single card from a standard deck. A random sample of 3 batteries is selected and tested. A Texas oil drilling company has determined that it costs $25,000 to sink a test well. X={2,3,4,5,6,7,8}. We also acknowledge previous National Science Foundation support under grant numbers 1246120, 1525057, and 1413739. Should you invest? 1. Challenge Problem: Let X be the number of matching numbers on a random Texas Lotto ticket. X={0,1,2,3} Find E[X]. Suppose you performed this experiment daily and found you averaged 0.3 dead batteries. X={0,1,2,3} Find E[X]. Use the change of variables theorem for expected value to show that (r(X) (Y||X))= (r(X) Y) In fact, the result in Exercise 1 can be used as a definition of conditional expected value, regardless of the type of the distribution of (X,Y). For more information contact us at info@libretexts.org or check out our status page at https://status.libretexts.org. Find the expected value of the winnings for a person who buys a ticket in the raffle. The expected value suggest that the vendor should not cancel. Hillview Church plans to raise money by raffling a television worth $500.
If oil is hit, the revenue for the company will be $500,000. The radio sells for $30 and costs the store $18. The following problem is solved: A consumer electronics store stocks four-alarm clock radios.
Find the expected value of entering this contest if 1 million tickets are sold. If the probability of playing against U. C. Berkeley is 10%, against a California team 50% and against an out of state team 40%, how many fans are expected to attend a game? We want to hear from you. The producer has learned from the Weather Service that the probability of rain on March 8 is 0.4. Let X represent the number of heads in a particular trial.
The rest of the students take five courses.
4) Suppose 1000 raffle tickets are sold at a price of $5 each. Let X represent the number of face cards that occur on a given trial. How much should one be willing to pay to roll the die to make the game fair? 1) Three coins are tossed and we are interested in how many land heads. At a large community college, 30% of students take one course, 15% take two courses, 25% take three courses and 20% take four courses. A gambler bets $10 that the current champion will lose. 5.7 Exercises: Expected Value 1) Three coins are tossed and we are interested in how many land heads. Let X be the random variable associated with the number of dead batteries in the sample. If it does not rain, the producer stands to make a $20,000 profit from the concert. If the cost of each draw is 10 cents, should one play? Find E[X]. Explain. A game involves rolling a single die.
The following problem is solved:A consumer electronics store stocks four-alarm clock radios.
2) Three cards are selected from a standard deck and we wish to observe the number of face cards that occur. A total of 3000 tickets are sold at $1 each. Find the expected value of X. X={0,1,2,3,4,5,6} Hint There are 6 good numbers and 48 bad numbers. X={0,1,2,3} Find E[X]. In a European country, 20% of the families have three children, 40% have two children, 30% have one child, and 10% have no children. Explain.
3) Suppose 2 4-sided dice are rolled and we wish to observe their sum.
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