Expected Value (Leaving Cert Mathematics): Quizzes
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12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does expected value represent in probability?
What does expected value represent in probability?
Long-run average of all outcomes
In the formula , what does represent?
In the formula , what does represent?
Probability of each outcome
What is the first step in calculating expected value?
What is the first step in calculating expected value?
List all outcomes and probabilities
A game is 'fair' when its expected value equals what?
A game is 'fair' when its expected value equals what?
0 (break even)
If a game has an expected value less than 0, what type of game is it?
If a game has an expected value less than 0, what type of game is it?
Unfavourable
A spinner has values 10, 6, 4 with probabilities , , . What is ?
A spinner has values 10, 6, 4 with probabilities , , . What is ?
7.5
A game costs €8 with expected payout €7.25. What is the expected profit?
A game costs €8 with expected payout €7.25. What is the expected profit?
-€0.75
What does the law of large numbers state?
What does the law of large numbers state?
Actual average approaches expected value
For a fair six-sided dice, the expected value is 3.5. Is this a problem?
For a fair six-sided dice, the expected value is 3.5. Is this a problem?
No, EV doesn't need to be possible
Which industry uses expected value to calculate premiums and payouts?
Which industry uses expected value to calculate premiums and payouts?
Insurance
How are most casino games designed regarding expected value?
How are most casino games designed regarding expected value?
Unfavourable to players
A probability table for expected value should have how many columns?
A probability table for expected value should have how many columns?
3 columns