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1. A Random Variable X can take only two values, 1 and 2 .P(1) = 0.8 and P(2) = 0.2 Calculate the Expected value of X.

1. A Random Variable X can take only two values, 1 and 2 .P(1) = 0.8 and P(2) = 0.2 Calculate the Expected value of X.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.CR: Chapter 13 Review
Problem 8CR
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1. A Random Variable X can take only two values, 1 and 2 .P(1) = 0.8 and P(2) = 0.2 Calculate the Expected value of X. 2. A Random Variable X can take only two values, 1 and 2. P(1) = 0.8 and P(2) = 0.2 Calculate the Variance of X 3. A lottery that pays off 100,000 pesos is made available for 5,000,000 tickets. Each ticket costs 50 pesos. Suppose the variable X gives the net winnings from playing the lottery. What is the expected gain for joining the lottery with only one ticket? 4. In a deck of cards which consists of cards numbered 1 to 5, a card is drawn randomly. A player wins 35 pesos if the number on the card is odd and loses 35 pesos if the number on the card is even. What is the expected value of his winnings?
Transcribed Image Text:1. A Random Variable X can take only two values, 1 and 2 .P(1) = 0.8 and P(2) = 0.2 Calculate the Expected value of X. 2. A Random Variable X can take only two values, 1 and 2. P(1) = 0.8 and P(2) = 0.2 Calculate the Variance of X 3. A lottery that pays off 100,000 pesos is made available for 5,000,000 tickets. Each ticket costs 50 pesos. Suppose the variable X gives the net winnings from playing the lottery. What is the expected gain for joining the lottery with only one ticket? 4. In a deck of cards which consists of cards numbered 1 to 5, a card is drawn randomly. A player wins 35 pesos if the number on the card is odd and loses 35 pesos if the number on the card is even. What is the expected value of his winnings?
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