# Thread: Finding the expected value

1. ## Finding the expected value

Question : A petrol pump proprietor sells worth Rs. 80,000 on a rainy day and worth Rs.95,000 n a clear day. Statistic from the Meteoroigical Department show that the probability is 0.76 for clear wether and 0.34 for rainy weather on coming Monday. Find the expected value of petrol sale on Monday .

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I have used the Bayes theorem to find the Probability but don't know if its the right method or no.And should I be just using the expected value for this probability or no .....

2. '0.76 for clear wether and 0.34 for rainy weather'
(and it's weather)

are these two numbers supposed to add to one?

3. ## No idea mate

Originally Posted by matheagle
'0.76 for clear wether and 0.34 for rainy weather'
(and it's weather)

are these two numbers supposed to add to one?

This is the question which i have copied from my last year term paper and i have no idea mate what to do thats the reason i have put this question on the site so that some one could guide me

4. Originally Posted by Stats
This is the question which i have copied from my last year term paper and i have no idea mate what to do thats the reason i have put this question on the site so that some one could guide me
Either you have copied the question wrong or there is a misprint in the question.

By definition: (0.76)(95,000) + (0.24)(80,000).

5. ## nd should i be using bayes thereom to find the probability

Originally Posted by mr fantastic
Either you have copied the qAuestion wrong or there is a misprint in the question.

By definition: (0.76)(95,000) + (0.24)(80,000).

And should i be using bayes thereom to find the probability or something else .

6. Originally Posted by Stats
And should i be using bayes thereom to find the probability or something else .
Does my reply, which was in response to the question you posted, say to use Bayes Theorem?

7. ## So what should be used

Originally Posted by mr fantastic
Does my reply, which was in response to the question you posted, say to use Bayes Theorem?
Ur prev post doesnt say any thing about any bayes theorem so what should i use and how did u get to this formula .....

8. Originally Posted by Stats
Ur prev post doesnt say any thing about any bayes theorem so what should i use and how did u get to this formula .....
I have used the basic formula for calcuating the expected value. I suggest you review it.

9. ## Is this correct?

Originally Posted by mr fantastic
I have used the basic formula for calcuating the expected value. I suggest you review it.