Expected Value (quiz)~ amdm

A math club is researching a golf tournament fund-raiser. It will cost $1,000 to host the tournament. If it rains, the club will lose the investment. If it is sunny, it is expected that the club will collect $4,500 from the participants. If the chance of rain is 20%, what is the expected value for the tournament? -$800 -$200 $2600 $3400

$2600

The marketing club at school is opening a student store. They randomly survey 50 students about how much money they spend on lunch each day. What is the expected value for a student to spend on lunch each day? $2.59 $5.18 $6.00 $9.07

$5.18

Harlene tosses two number cubes. If a sum of 8 or 12 comes up, she gets 9 points. If not, she loses 2 points. What is the expected value of the number of points for one roll? -2/3 -1/6 1/6 2/3

-1/6

A business has an opportunity to invest $35,000. If the investment is a success, the business earns a profit of $150,000. Otherwise, the investment will result in a total loss of all monies. If the investment has 0.27 chance of success, which equation correctly models the expected value of this investment? 0.27(150,000) + 0.73(-35,000) = E(X) 150,000 - 0.73(35,000) = E(X) 0.27(150,000 - 35,000) = E(X) 0.27(115,000) + 0.73(-35,000) = E(X)

0.27(150,000) + 0.73(-35,000) = E(X)

A cafeteria purchases milk from one of three providers each week, depending on what other items need to be purchased. The probability of shopping at each store and the cost of one gallon of milk are shown in the table below. The cafeteria should budget $ on average for one gallon of milk.

2.90

Joe takes part in math competitions. A particular contest consists of 25 multiple-choice questions, and each question has 5 possible answers. It awards 6 points for each correct answer, 1.5 points for each answer left blank, and 0 points for incorrect answers. Joe is sure of 12 of his answers. He ruled out 2 choices before guessing on 4 of the other questions and randomly guessed on the 9 remaining problems. What is his expected score? 69.2 75.6 90.8 97.2

90.8

Which statement below correctly depicts the expected value of a fair game? E(X) = 0 E(X) = 1 E(X) > 0 E(X) >1

E(X)=0

Two black chips and three red chips are put into a bag. Two points are awarded for each black chip drawn, and one point is lost for each red chip drawn. What is the expected value for each round if there are two draws per round and the chips are replaced after each draw? -0.08 -0.04 0.2 0.4

Might be 0.4

Two students devised a game called "3 Pennies & 2 Nickels." Each player will choose to play the pennies or the nickels. In each round, the players will flip all their coins on the table and record how many heads and tails they have. The table below includes the point scheme. E(penny) = -0.33 and E(nickel) = 0.33, so she should play with the nickels. E(penny) = 0.5 and E(nickel) = 1.5, so she should play with the nickels. E(penny) = 1.75 and E(nickel) = 1.5, so she should play with the pennies. E(penny) = 2.38 and E(nickel) = 2, so she should play with the pennies.

NOT E(penny) = 0.5 and E(nickel) = 1.5, so she should play with the nickels.

Johnny is challenged to a single-player game with an expected value of 1. Which statement below is true? It is a fair game. It is a favorable game. It is unfavorable game. Johnny cannot determine whether the game is fair without knowing the rules.

NOT It is unfavorable game, Might be, It is a favorable game.

Given the spinner below in which all regions are equal, which of the following point scales would result in a favorable game? The odd numbered regions will add one point. The even numbered regions lose one point. Red will add one point. Any other color will lose one point. A number less than or equal to 3 will add one point. A 4 will lose two points. Odds will add a point value equal to the number on the space. Evens will lose a point value equal to the number on the space.

NOT Red will add one point. Any other color will lose one point. & NOT Odds will add a point value equal to the number on the space. Evens will lose a point value equal to the number on the space.

Sebastian has researched the following scoring schemes: one that has 5 question choices, one that has 4 question choices, and two that have 3 question choices. Which scoring scheme is the most favorable to the test taker? scheme A scheme B scheme C scheme D

NOT scheme A

An investor has an opportunity to invest in three companies. She researched each company and collected the information in the table below. Which company would provide the best investment?

company B

An investor has an opportunity to invest in three companies. She researched each company and collected the information in the table below. Which company would provide the best investment? company A company B company C All companies have a probability of loss.

company B

A company makes a $5 profit on each non-faulty product it sells. Approximately 2% of the products manufactured are faulty, with no way to discover which ones are faulty before delivery. If replacement-and-repair costs for the faulty products are $100 each, what is the profit per item? loss of $15.10 loss of $15 profit of $2.90 profit of $3.00

profit $2.90