Given 3 probabilities to weight an expected value, which one of the outcomes wil happen?
Answer
none of the outcomes actually produces the amount expected
Tags
#reading-9-probability-concepts
Question
Given 3 probabilities to weight an expected value, which one of the outcomes wil happen?
Answer
?
Tags
#reading-9-probability-concepts
Question
Given 3 probabilities to weight an expected value, which one of the outcomes wil happen?
Answer
none of the outcomes actually produces the amount expected
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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable 40,000 + 24,000 + 0 = $64,000
Thus, the organizers can expect to take in $64,000. Since it costs $50,000 to stage the event, this translates to a profit of $14,000, so they should certainly go ahead with the venture.
<span>It's important to realize that none of the outcomes actually produces an amount of $64,000. This is simply the weighted average of all possible outcomes. Although there is a 50% chance of a loss the big profit that will be made the remaining 50% of the time more than offsets t
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