Answer Questions #1-8. Do not need to show work.
1.Use the following Probability Model that represents the different amounts of money a player can win from a certain game. Use this Model for all questions on this review.
Outcome $0 $6 $10 $100
Probability 0.62 0.21 ? 0.04
Find the missing probability.
2. Find P($100).
3. Find P(~$0).
4. Find P($50).
5. Use the probability model and answer from problem #1 to find the expected value. Do not use the dollar symbol when entering your answer.
6. Find the expected value for the probability model shown below:
Outcome |
– $8 |
$0 |
$10 |
$90 |
Probability |
0.43 |
0.31 |
0.21 |
0.05 |
Enter your solution as a decimal (do not use the dollar symbol).
7. The probability model below is a little bit different. While you can not find the expected value from this table, you should be able to write two equations that must be true in the probability model. If you are told that the expected value is $0.40, which two equations must be true?
outcome |
$4 |
– $2 |
$1 |
$19 |
probability |
x |
y |
z |
0.06 |
Select one:
4x – 2y + z = -0.74 AND x + y + z = 0.94
4x – 2y + z = 1.14 AND x + y + z = 0.06
4x – 2y + z = 0.74 AND x + y + z = -0.94
4x – 2y + z = -1.14 AND x + y + z = -0.06
8. If you know that the expected value for the following probability model is supposed to be $0.48, find the missing value in the table:
Outcome |
– $5 |
-$2 |
? |
$50 |
Probability |
0.50 |
0.27 |
0.19 |
0.04 |
(do not use the dollar symbol).
Looking for solution of this Assignment?
WHY CHOOSE US?
We deliver quality original papers |
Our experts write quality original papers using academic databases. |
Free revisions |
We offer our clients multiple free revisions just to ensure you get what you want. |
Discounted prices |
All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount |
100% originality |
We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity |
On-time delivery |
We will deliver your paper on time even on short notice or short deadline, overnight essay or even an urgent essay |