Results 1 to 3 of 3

Math Help - Completing a probability table and finding expected value.

  1. #1
    Member
    Joined
    Mar 2010
    From
    Mumbai
    Posts
    91
    Thanks
    2

    Post Completing a probability table and finding expected value.

    16. The manager of a casino plans the following game. Each player will be given a box containing five coins of which one is “gold” (valued Rs 100), one is “silver” (valued Rs 25) and three are “ordinary” (valued Re 1 each). The player draws two coins at random and without replacement. Let A and B be the values (in rupees) of the two coins so drawn. Define X = |A  B|. The player receives a payoff (X + 25) if none of the two selected coins is ordinary; the payoff is zero otherwise. Complete the following table showing your answers.
    P(X = 0) =
    P(X = 1) =
    P(X =20) =
    P(X = 24) =
    P(X = 75) =
    P(X = 99) =
    E(X) =
    Expected payoff
    Last edited by mr fantastic; May 5th 2010 at 08:12 PM.
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor undefined's Avatar
    Joined
    Mar 2010
    From
    Chicago
    Posts
    2,340
    Awards
    1
    Quote Originally Posted by amul28 View Post
    Define X = |A  B|.
    The symbol between A and B does not render properly on my computer. I see a gray-bordered box with F0 2D inside of it.

    I'll assume it's X = |A - B|.

    Quote Originally Posted by amul28 View Post
    The player receives a payoff (X + 25) if none of the two selected coins is ordinary; the payoff is zero otherwise.
    If I understand this correctly, the only way to get a nonzero payoff is to pick the gold and the silver coin, in which case the payoff is 100. That means that we only really care about P(X = 75) and the other probabilities are irrelevant.

    P(X = 75) = \frac{1}{C(5,2)}

    The other values are below.

    P(X = 0) = \frac{C(3,2)}{C(5,2)}
    P(X = 1) = 0
    P(X = 20) = 0
    P(X = 24) = \frac{3}{C(5,2)}
    P(X = 99) = \frac{3}{C(5,2)}

    E(X)=0\cdot P(X=0)+24\cdot P(X = 24) + 75\cdot P(X=75) + 99\cdot P(X=99)

    Expected payoff will be 100\cdot P(X=75) + 0\cdot P(X \neq 75).

    Strange problem..
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Member
    Joined
    Mar 2010
    From
    Mumbai
    Posts
    91
    Thanks
    2
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Joint Probability Density Function/Finding expected Value
    Posted in the Advanced Statistics Forum
    Replies: 1
    Last Post: December 5th 2011, 02:23 PM
  2. Replies: 0
    Last Post: October 20th 2010, 09:58 AM
  3. Finding probability from a table.
    Posted in the Statistics Forum
    Replies: 1
    Last Post: November 14th 2009, 04:56 AM
  4. Completing this table?
    Posted in the Pre-Calculus Forum
    Replies: 6
    Last Post: November 29th 2008, 02:12 PM
  5. need help in completing a table
    Posted in the Calculus Forum
    Replies: 3
    Last Post: March 13th 2008, 05:59 AM

Search Tags


/mathhelpforum @mathhelpforum