Explanation Approach: Let any random variable X , the expected value of X is as follow: E ( X ) = x 1 p 1 + x 2 p 2 + x 3 p 3 + .......... + x n p n . Here, E ( X ) is the expected value of X x 1 , x 2 , x 3 , ........ x n are all possible favorable outcomes and p 1 , p 2 , p 3 , ...... p n are their respective probabilities. Calculation: Consider the expected value of X as, E ( X ) = x 1 p 1 + x 2 p 2 + x 3 p 3 + .......... + x n p n The associated probabilities will not change of the variable X is changed to c X , where, c is any constant value. So, let c X denotes the another random variable, with all possible outcomes are c x 1 , c x 2 , c x 3 , ......... c x n withy their respective probabilities are p 1 , p 2 , p 3 , ....... p n To determine (b). The expected loss if a gambler bets $ 300 on red in a single play in American roulette based on result obtained in part (a) and example 6 .

Finite Mathematics for the Managerial, Life, and Social Sciences

12th Edition

ISBN: 9781337405782

Author: Soo T. Tan

Publisher: Cengage Learning

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Question

Chapter 8.2, Problem 42E

To determine

(a).

To show:

That for any number c, E(cX)=cE(X).

To determine

(b).

The expected loss if a gambler bets $300 on red in a single play in American roulette based on result obtained in part (a) and example 6.

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Chapter 8.2, Problem 41E

Chapter 8.2, Problem 43E

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Chapter 8 Solutions

Finite Mathematics for the Managerial, Life, and Social Sciences

Ch. 8.1 - What is a random variable? Give an example.Ch. 8.1 - Prob. 2CQ Ch. 8.1 - Prob. 3CQ Ch. 8.1 - Three balls are selected at random without...Ch. 8.1 - 2.A coin is tossed four times. Let the random...Ch. 8.1 - A die is rolled repeatedly until a 6 falls...Ch. 8.1 - Cards are selected one at a time without...Ch. 8.1 - Prob. 5E Ch. 8.1 - Prob. 6E Ch. 8.1 - Prob. 7E

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