Probability
Expectation and Fair Value
Interactive practice questions
What is the expected value of an experiment ?
The sum of the probabilities of all the possible events in an experiment.
A
The sum of all the amounts gained and lost from each possible event occurring in an experiment.
B
The expected gain or loss of an experiment over the long run.
C
Easy
< 1min
Complete the following sentences.
Easy
< 1min
The expected value of a game is $-£3.50$−£3.50 and the cost to play the game is $£10.00$£10.00.
What is the fair price to play the game?
Easy
< 1min
The expected value of a game is $-£4.00$−£4.00 and the cost to play the game is $£5.00$£5.00.
What is the fair price to play the game?
Easy
< 1min
Sign up to access Practice Questions
Get full access to our content with a Mathspace account