Analyze the scenario and complete the following: Complete the constructed discrete probability distribution for the given variable. Calculate the expected value, variance and standard deviation of the discrete probability distribution. The value of a ticket in a small hospital lottery, in which 8,000 tickets are sold, with 2 grand prize of $4,900, 5 first prizes of $350, 40 second prizes of $130, and 60 third prizes of $30. i. xx P(x)P(x) ii. E(X) = (Round to 2 decimal places) Var(X) = (Round to 2 decimal places) SD(X) = (Round to 2 decimal places)
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!
- Complete the constructed discrete
probability distribution for the given variable. - Calculate the
expected value , variance and standard deviation of the discrete probability distribution.
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P(x)P(x) |
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