Asked by Christy
Event
Probability .37 .18 .13 .32
Dollar Payoff -2 0 6 3
1)Calculate the expected value to two decimal places
2) If the pay off is negative 2 do we win or lose $2?
Probability .37 .18 .13 .32
Dollar Payoff -2 0 6 3
1)Calculate the expected value to two decimal places
2) If the pay off is negative 2 do we win or lose $2?
Answers
Answered by
drwls
1) Exp. value = (.37)(-2) + (0.13)(6) + (0.13)(3)= $ 0.43
2) For -2 payoff you lose $2
2) For -2 payoff you lose $2
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