PROBLEM 2 Complete the following expected value table. SOLUTION PROBLEM 3 What is the expected value, Do you come out ahead? μ? SOLUTION Add the last column of the table. The expected value You lose, μ=-2/3. on average, about 67 cents each time you play the game so you do not come out ahead.
PROBLEM 2 Complete the following expected value table. SOLUTION PROBLEM 3 What is the expected value, μ? Do you come out ahead? SOLUTION Add the last column of the table. The expected value μ=-2/3. You lose, on average, about 67 cents each time you play the game so you do not come out ahead.
ch4_3_mean_or_expected_value_and_standard_deviation.docx