2. What is the expected value of x? E(x) 3. What is the standard deviation? o = (Round to then nearest hundredth).
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
How do I find the
![Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this
game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is
60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability
distribution for x (the amount of money a player wins or loses) in a single game is as follows:
I - Net Money Won or Lost P(r) → Probability
Win
+ +$ 15
0.60
Lose
$410
0.40
Using the information in the table, complete the following
1. Interpret the table. There is a
60% chance of winning $5 and a
40% chance of
losing $10
2. What is the expected value of x? E(x) =
3. What is the standard deviation? o =
(Round to then nearest hundredth)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6834745c-3a57-4dea-a43b-8907213bfb8c%2Fe7b3464a-5d8c-481b-9956-e36b1a68d725%2F8wn3kbp_processed.jpeg&w=3840&q=75)
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