The mean (or expected value) of a probability distribution can be calculated by first making the probability distribution. Then multiply the possible values of the Random Variable by their probabilities (X*P(X)) then add all the X*P(X) up. On the TI 83/84 calculator you can 1) Enter the values of the RV's into List 1 (Press STAT, 1 (for Edit), highlist L1 and press CLEAR if needed, then enter values into the list) 2) Enter the probabilities into L2 (press > and then enter the values in the list. highlight L2 and press CLEAR first if needed). 3) 2nd MODE (to quit the list) 4) STAT, > (for CALC), select 1-Var Stats, List: L1 (2nd 1), FreqList: L2 (2nd 2). Then calculate. x¯ is the expected value (mean) of the frequency distribution. A game is played. If you win you gain $4. If you lose you lose $10. The probability of winning is 0.747. What is the expected value (mean)?
The mean (or
On the TI 83/84 calculator you can
1) Enter the values of the RV's into List 1 (Press STAT, 1 (for Edit), highlist L1 and press CLEAR if needed, then enter values into the list)
2) Enter the probabilities into L2 (press > and then enter the values in the list. highlight L2 and press CLEAR first if needed).
3) 2nd
4) STAT, > (for CALC), select 1-Var Stats, List: L1 (2nd 1), FreqList: L2 (2nd 2).
Then calculate. x¯ is the expected value (mean) of the frequency distribution.
A game is played. If you win you gain $4. If you lose you lose $10. The probability of winning is 0.747.
What is the expected value (mean)?
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