Results 1 to 6 of 6

Math Help - Finding expected value

  1. #1
    Newbie
    Joined
    Jan 2012
    Posts
    2

    Question Finding 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
    Attached Thumbnails Attached Thumbnails Finding expected value-scn_0001.jpg  
    Last edited by mr fantastic; January 7th 2012 at 06:16 PM. Reason: Title.
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Member
    Joined
    Dec 2011
    Posts
    92
    Thanks
    7

    Re: 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 Z=X+Y 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: E(Z)=E(X+Y)=E(X)+E(Y)

    For Y you have:
    P(Y=0)=2/3
    P(Y=2)=1/3

    E(Y)=0*2/3 + 2 * 1/3 = 2/3
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Member
    Joined
    May 2011
    Posts
    169

    Re: urgent help-expected value

    1/9(12+12+14+14+14+16+15+15+17)=43/3
    Follow Math Help Forum on Facebook and Google+

  4. #4
    Member
    Joined
    Dec 2011
    Posts
    92
    Thanks
    7

    Re: urgent help-expected value

    This is obviously homework, so you shouldn't provide the entire solution.
    Follow Math Help Forum on Facebook and Google+

  5. #5
    Newbie
    Joined
    Jan 2012
    Posts
    2

    Re: 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.
    Follow Math Help Forum on Facebook and Google+

  6. #6
    Member
    Joined
    Dec 2011
    Posts
    92
    Thanks
    7

    Re: urgent help-expected value

    Both solutions lead to the same answer.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Finding the expected value of r^X
    Posted in the Advanced Statistics Forum
    Replies: 2
    Last Post: October 15th 2011, 10:28 AM
  2. Finding expected value.
    Posted in the Statistics Forum
    Replies: 3
    Last Post: July 13th 2010, 06:07 AM
  3. Finding the expected value
    Posted in the Advanced Statistics Forum
    Replies: 9
    Last Post: December 25th 2009, 03:45 AM
  4. finding expected value
    Posted in the Advanced Statistics Forum
    Replies: 5
    Last Post: November 20th 2009, 12:12 AM
  5. Finding expected value
    Posted in the Advanced Statistics Forum
    Replies: 1
    Last Post: April 20th 2009, 02:06 AM

Search Tags


/mathhelpforum @mathhelpforum