Discuss the below:
Q1:Use the table below to determine P(X is greater than or equal to 2). Determine the expected value of X.
|
Random variable X
|
0
|
1
|
2
|
3
|
|
P (X=x)
|
.125
|
.375
|
.250
|
.250
|
Q2: Two fair dice are tossed. You bet $5 that you will roll "an even sum". If you roll "an even sum" you win $10. Otherwise you lose the $5 bet. What is the expected return on this game?
Q3: Two fair dice are tossed. You bet $1 that you will roll "doubles". If you roll "doubles" you win $60. Otherwise you lose the $1 bet. What is the expected return on this game?
Q4: A probability distribution has an expected value (mean) of 54 and a standard deviation of 0.7. Use Chebyshev's inequality to find the minimum probability that an outcome is between 40 and 68.