Expected Value and Tree Diagrams Quiz
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Questions and Answers

What is the concept closely related to expected value?

  • Variance
  • Probability distribution
  • Weighted average (correct)
  • Standard deviation

    • What is the probability of winning $3 in the game?

  • $rac{1}{3}$
  • $rac{1}{12}$
  • $rac{1}{2}$
  • $rac{1}{6}$ (correct)

    • What happens if the die shows a 6 in the game?

  • You win $6 and have to pay $18
  • You win $6
  • You win $18
  • You have to pay $18 (correct)

    • How is the expected value calculated in the game?

    <p>By multiplying each outcome by its probability and summing the results</p> Signup and view all the answers

    What is the probability of winning $5 in the game?

    <p>$rac{1}{6}$</p> Signup and view all the answers

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