Post a New Question

College Algebra

posted by .

Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.

  • College Algebra -

    Texas Lottery: grand prize is 1,000,000 dollars.

    Tickets cost $2
    Expected number sold: 4.3 million.

    probability win: 1/4.3million

    expected value of a $2 ticket=1million/4.3 million=23cents

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Statistics

    A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1- hour flight is .02. What is the probability that (a) both will fail?
  2. algebra 1

    desceibe a situation or provide an example of a independent/consistent system?
  3. college

    Compare mechanistic and reciprocal interactionism. Give an example of reciprocal interactionism (influences among a person, a situation, and a behavior). Provide an example of mechanistic interactionism (a trait, a situation, and the …
  4. statistics

    A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour fight is .02. What is the probability that (a) both will fail?
  5. Math 116

    Create an equation of a nonlinear function and provide one positive and one negative value for x. Please show steps in how to solve it as well.
  6. chemistry

    if calculating molecular weight of unknown by freezing point depression...All of the unknowns in the activity were nonpolar organic molecules with molecular weight= 100-250 g/mol and using around 1g of the unknown. Provide an example …
  7. probabiliyu

    Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.
  8. algebra

    Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.
  9. Organich Lab Help Please!!!!!!!!

    You are asked to extract the alkaloid caffeine from tea and to purify the product. You are provided with the following information. a) Caffeine is soluble in hot water (18 g/100 ml) but less soluble in cold water (2.2g/100ml). b) Caffeine …
  10. math

    Shopping: Tax Situation: You are purchasing four items and want to calculate the tax. The items cost $2.50, $8.75, $3.00, and $10.25. The tax rate is 6%. How much is the tax?

More Similar Questions

Post a New Question