Question

Stats help please?

Answer 1

So think of the top row of X values as a money value when playing a game of chance. You win $4 and have a 1/3 chance of winning that much money. In the second column you have a 1/12 chance of winning $3, and the third column you have a 7/12 chance of winning $2. What's your expected winnings each time you play the game? You can find this by multiplying the probability by the potential earnings for each column, then summing that value together to find your expected winning. This will find mu of the discrete prob distr.

Answer 2

oh ok so (1/3*4)+(1/12*3)+(2*7/12)= 4/3+3/12+14/12= 16/12+3/12+14/12= 33/12= 11/4= 2.75? @hadenthefox

Answer 3

Correct

Answer 4

@perl can you check my answer please?

Answer 5

yes thats correct

Answer 6

ok thanks!!