Can anyone help me to solve part C of this question. I got stuck and really don't know how to find the expected value of the price.

Thank you

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- January 4th 2012, 08:14 AMparisFinding expected value
Can anyone help me to solve part C of this question. I got stuck and really don't know how to find the expected value of the price.

Thank you - January 4th 2012, 08:43 AMRidleyRe: urgent help-expected value
Do you know the definition of EV (expected value)? The best way to deal with this is to say that total price for the breakfast is where X is the cost of the sandwich and Y is the cost of the drink. Then you can calculate the EV of the whole meal as follows:

For Y you have:

- January 4th 2012, 08:48 AMDukeRe: urgent help-expected value
1/9(12+12+14+14+14+16+15+15+17)=43/3

- January 4th 2012, 08:49 AMRidleyRe: urgent help-expected value
This is obviously homework, so you shouldn't provide the entire solution.

- January 4th 2012, 08:57 AMparisRe: urgent help-expected value
This is not my homework. This is my exam question which i can't do it.

So which one is the right solution, Duke or you?

I don't understand expected value because my teacher never teach us about it. - January 4th 2012, 09:08 AMRidleyRe: urgent help-expected value
Both solutions lead to the same answer.