Answer for the entire assignment of e2020! :) This will help future people in order to get a good grade!
You toss two number cubes. If a sum of 7 or 11 comes up, you get 7 points, if not you lose 2 points.
The probabilities for each of the sums is:
P(2) = 1/36 P(3) = 1/18 P(4) = 1/12 P(5) = 1/9
P(6) = 5/36 P(7) = 1/6 P(8) = 5/36 P(9) = 1/9
P(10) = 1/12 P(11) = 1/18 P(12) = 1/36
The probability of a sum of 7 or 11 is:
Answer: 2 / 9
The expected value of the number of points for one roll is:
Answer: 0
In basketball, Shaquille makes 40% of his free throw attempts. He goes to the free throw line to shoot one-and-one (if he makes the first shot, he gets to shoot one more). He scores 1 point per free throw. What is the expected value of the number of points he will score?
Answer: 0.56
Roll a number cube. If the number cube comes up odd, you win the same number of points as the number on the cube. If the number comes up even, you lose 4 points.
What is the expected number of points per roll?
Answer: -0.5
A real estate agent spends $1,500 on advertising for three months to sell an average house. If the house sells in three months, the agent earns $9,000. Otherwise, he loses the listing and earns nothing. If there is a 40% chance that the house will sell in three months, what is the expected revenue for the real estate agent?
Answer: $2,100
In each turn of a game you toss two coins. If 2 heads come up, you win 2 points and if 1 head comes up you win 1 point. If no heads come up, you lose 3 points.
What is the expected value of the number of points for each turn?
Answer: 0.25
This game is FAVORABLE
You are considering two investment opportunities. For investment A there is a 25% chance that you lose $20,000, a 50% chance that you break even, and a 25% chance that you make $80,000. For investment B there is a 30% chance that you lose $50,000, a 50% chance that you break even, and a 20% chance that you make $180,000. Based on the expected value of each, which investment should you make?
The expected value of investment A is $ 15,000
The expected value of investment B is $21,000
Based on the expected value, you should make investment B
What is the expected number of female children in a family with three children?
Answer: 1.5
You play a game in which two coins are flipped. If both coins turn up tails, you win 1 point. How many points would you need to lose for each of the other outcomes so that the game is fair?
Answer: 1/3
A company is considering making a new product. They estimate the probability that the new product will be successful is 0.75. If it is successful it would generate $240,000 in revenue. If it is not successful, it would not generate any revenue. The cost to develop the product is $196,000. Use the profit (revenue − cost) and expected value to decide whether the company should make this new product. Which of the following did your solution include?
(Answers)
P = $240,000 – $196,000 = $44,000.
The expected value is a weighted average of each possible value weighted by its probability.
EV = ($44,000)(0.75) + ($–196,000)(0.25) = $–16,000.
The expect average profit is $–16,000.
The company should not make the product.
