Question 1Dida bought a scratch ticket for $2.00. The potential payoffs andprobability of those payoffs are shown below.$0.00$0.50$1.00$2.00$10.00Value0.150.500.200.10O Mark this question0.05ProbabilityWhat is the expected value for the scratch ticket that Dida bought?

Solution-:We have following table: Value (x)P(x)00.150.50.5010.2020.10100.05We want to find the…

Answered: Dida bought a scratch ticket for $2.00.…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $18,000. The probability of being awarded the bid is 0.2. If the architect is awarded the bid, she will make $90,000 minus the $18,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? $ (Round to the nearest dollar.) b. Choose the statement below that best describes what this value means. O A. In the long run, the architect would expect to earn this amount. OB. In the long run, the architect would expect to lose this amount. O C. In the long run, the architect would expect to break even. O D. None of the above. C
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Amita pays $0.78 to play a game at a local fair that involves receiving the number of quarters that corresponds to the number that comes up on the roll of a die. Using the expected value of the game, compute the expected gain or loss for Amita. Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, before entering it in the box below. A negative final answer indicates an expected loss for Amita for playing the game.
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The "Dogs of the Dow" are the stocks listed on the Dow with the highest dividend yield. The following table shows the top ten stocks of the "Dogs of the Dow" list for 2015, based on their performance the preceding year. If you selected two of these stocks at random, what is the probability that both the stocks in your selection had yields of 3.75% or more?
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Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…
consultant has been hired to redesign a company's production facility. The consultant estimates the probabilities of her potential profit as shown in the table below. What is her profit expectation?$ Profit/Loss Probability $40,000 0.05 $30,000 0.30 $20,000 0.38 $10,000 0.20 $5,000 0.07
Amita pays $0.73 to play a game at a local fair that involves receiving the number of quarters that corresponds to the number that comes up on the roll of a die. Using the expected value of the game, compute the expected gain or loss for Amita. Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, before entering it in the box below. A negative final answer indicates an expected loss for Amita for playing the game.

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Dida bought a scratch ticket for $2.00. The potential payoffs and probability of those payoffs are shown below. $0.00 $0.50 $1.00 $2.00 $10.00 Value 0.15 0.50 0.20 0.10 0.05 Probability What is the expected value for the scratch ticket that Dida bought?