4.1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is random variable x | numerical value associated with each outcome of a probability experiment
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| what is a discrete variable? | finite or countable # of outcomes
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| what is a continuous variable? | uncountable # of outcomes, represented by an interval on a number line. Example: Age, Height, Weight
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| what are the discrete probability distribution conditions? | 0 < or = to P(x) < or = to 1
SUM P(x)=1
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| What are the 2 steps in constructing a discrete probability distribution ? | 1. make freq. dist. for possible outcomes
2. SUM F
3. find probability of each outcome [P(f)] by F/(SUM F)
4. Check work. All add up to 1?
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| what is the formula to find the mean of the discrete random variable | u=E[x*P(x)]
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| what is the formula to find the variance of a discrete random variable? | o^2=E[(x-u)^2P(x)]
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| what is the formula to find the standard deviation of a discrete random variable? | o=sq rt o^2
=sq rt E[(x-u)^2P(x)]
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| What is the formula to find the expected value of a discrete random variable? | E(x)=u=E[x*P(x)]
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| At a raffle, 1,500 tickets are sold at $2 each for 4 prizes of $500, $250, $150, & $75. You buy one ticket. What is the expected value of your gain? | -$1.35: Because the expected value is neg, you can expect to lose an average of $1.35 for each ticket you buy.
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