Find and interpret the expected value of a probability distribution l and int di

Question

Find and interpret the expected value of a probability distribution

l and int distribation o A gambling game has the following probability distributio, Xrerts the sesourt of moncy gained or lost by the player. Find the mean. What is the prctiesi interpretation of this value? X200 15 0-10 PX) 0.02 0.08 015 0.75 In following probability distribution, the random variable X represents the nun her of hits a certain baseball player obtained in a game. o 0.1428 10.4849 02456 | 0.066 00158 00353 a. Compute and interpret the mean of the random variable X. b. Compute the standard deviation of the random variable X.

Explanation / Answer

a)

Expected value = 200 * 0.02 + 15 * 0.08 + 0 * 0.15 - 10 * 0.75

EV = - 2.3

This tells us on average the gambler loses 2.3$ while playing.

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