Results 1 to 10 of 10

Math Help - Finding the expected value

  1. #1
    Banned
    Joined
    May 2009
    Posts
    27

    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 .

    -----------------------------------------------------------------------
    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 .....
    Last edited by mr fantastic; November 26th 2009 at 01:51 AM. Reason: Converted microscopic font (1 pt) to the default size so that what was written is readable without a microscope.
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor matheagle's Avatar
    Joined
    Feb 2009
    Posts
    2,763
    Thanks
    5
    '0.76 for clear wether and 0.34 for rainy weather'
    (and it's weather)

    are these two numbers supposed to add to one?
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Banned
    Joined
    May 2009
    Posts
    27

    No idea mate

    Quote Originally Posted by matheagle View Post
    '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
    Follow Math Help Forum on Facebook and Google+

  4. #4
    Flow Master
    mr fantastic's Avatar
    Joined
    Dec 2007
    From
    Zeitgeist
    Posts
    16,948
    Thanks
    5
    Quote Originally Posted by Stats View Post
    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).
    Follow Math Help Forum on Facebook and Google+

  5. #5
    Banned
    Joined
    May 2009
    Posts
    27

    nd should i be using bayes thereom to find the probability

    Quote Originally Posted by mr fantastic View Post
    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 .
    Follow Math Help Forum on Facebook and Google+

  6. #6
    Flow Master
    mr fantastic's Avatar
    Joined
    Dec 2007
    From
    Zeitgeist
    Posts
    16,948
    Thanks
    5
    Quote Originally Posted by Stats View Post
    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?
    Follow Math Help Forum on Facebook and Google+

  7. #7
    Banned
    Joined
    May 2009
    Posts
    27

    So what should be used

    Quote Originally Posted by mr fantastic View Post
    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 .....
    Follow Math Help Forum on Facebook and Google+

  8. #8
    Flow Master
    mr fantastic's Avatar
    Joined
    Dec 2007
    From
    Zeitgeist
    Posts
    16,948
    Thanks
    5
    Quote Originally Posted by Stats View Post
    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.
    Follow Math Help Forum on Facebook and Google+

  9. #9
    Banned
    Joined
    Dec 2008
    From
    Mauritius
    Posts
    523

    Is this correct?

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

    My answer is 91400
    Is that correct
    Follow Math Help Forum on Facebook and Google+

  10. #10
    Flow Master
    mr fantastic's Avatar
    Joined
    Dec 2007
    From
    Zeitgeist
    Posts
    16,948
    Thanks
    5
    Quote Originally Posted by zorro View Post
    My answer is 91400
    Is that correct
    Yes.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Finding expected value
    Posted in the Statistics Forum
    Replies: 5
    Last Post: January 4th 2012, 08:08 AM
  2. Finding MGF and PMF given an expected value?
    Posted in the Advanced Statistics Forum
    Replies: 4
    Last Post: October 23rd 2011, 07:02 AM
  3. Finding the expected value of r^X
    Posted in the Advanced Statistics Forum
    Replies: 2
    Last Post: October 15th 2011, 09:28 AM
  4. finding expected value
    Posted in the Advanced Statistics Forum
    Replies: 5
    Last Post: November 19th 2009, 11:12 PM
  5. Finding expected value
    Posted in the Advanced Statistics Forum
    Replies: 1
    Last Post: April 20th 2009, 01:06 AM

Search Tags


/mathhelpforum @mathhelpforum