The expectation value is simply obtained by multiplying the probability of each outcome by each possible value. These are then summed for each outcome to obtain the expectation value. In the board game, if there is a 60% chance that you will move 4 spaces forward (+4) and a 40% chance that you will move back 2 spaces then expected value for number of spaces is (0.6 x 4) + (0.4 x -2) = 2.4 - 0.8 = 1.6 spaces.
Each can of green beans costs ($3.00/5) = 60¢ at the
village market, and ($6.10/10) = 61¢ at Sam's Club.
If you're watching every penny, then that MIGHT be enough
of a difference to make you decide to buy your beans at the
village market, but not necessarily.
If, say, the village market is farther away from you, or if there are
other things you're going to get from Sam's anyway, then you
should buy your beans there too.
1) mean: 7. median: 6. mode: 10
2) mean: 83.8. median: 84. mode: none
3) mean: 20.7. median: 20. mode: 26 & 20
This is not possible, as -6 is not equal to -4.
