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Questions and Answers
What is the concept closely related to expected value?
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?
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?
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?
How is the expected value calculated in the game?
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What is the probability of winning $5 in the game?
What is the probability of winning $5 in the game?
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