6.5 Find Expected Value MM1D2d.

Slides:

Advertisements

Similar presentations

1/2, 1/6, 1/6, 1/6 1)If you spin once, what is the probability of getting each dollar amount (fractions)? 2) If you spin twice, what is the probability.

Advertisements

Your laptop computer requires you to designate a 4- digit code using the digits 0 – 9 (you can use the same digit more than once and order counts) as the.

Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 13.4, Slide 1 13 Probability What Are the Chances?

Warm up 1)We are drawing a single card from a standard deck of 52 find the probability of P(seven/nonface card) 2)Assume that we roll two dice and a total.

Mathematical Expectation. A friend offers you the chance to play the following game: You bet $2 and roll a die. If you roll a 6 you win $5 plus your bet.

MA 102 Statistical Controversies Wednesday, April 10, 2002 Today: Expected value The game of Quick Draw Reading (for Friday): Chapter 20 – The House Edge.

Probability And Expected Value ————————————

Chapter 11 and 12 Review JEOPARDY -Algebra 2-.

Mathematics Probability: Odds Science and Mathematics Education Research Group Supported by UBC Teaching and Learning Enhancement Fund Department.

Warm-up The mean grade on a standardized test is 88 with a standard deviation of 3.4. If the test scores are normally distributed, what is the probability.

Pre-Algebra 9-8 Odds Pre-Algebra HOMEWORK Page 480 #1-12 Turn in for Credit!

Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 13.4, Slide 1 13 Probability What Are the Chances?

Warm up: Solve each system (any method). W-up 11/4 1) Cars are being produced by two factories, factory 1 produces twice as many cars (better management)

Random Variables A random variable A variable (usually x ) that has a single numerical value (determined by chance) for each outcome of an experiment A.

The possible outcomes are 2 + 2, 2 + 3, 2 + 4, 3 + 2, 3 + 3, 3 + 4, 4 + 2, 4 + 3, The probability of an even sum is ____. The probability of an.

Probability Topic 5: Probabilities Using Counting Methods.

Probability Distributions Random Variables * Discrete Probability Distributions * Mean, Variance, and Standard Deviation * Expected Value.

Write down your choice of 5 different numbers between 1 and 36 Three ways to win. –In any order match: All 5 4 out of 5 3 out of 5 –Prize: Giant Book.

Probability With Number Cubes Today’s Learning Goals  We will continue to understand the link between part-whole ratios, decimals, and percents.  We.

Probability Distributions. We need to develop probabilities of all possible distributions instead of just a particular/individual outcome Many probability.

Expected Value. Expected Value - Definition The mean (average) of a random variable.

Computing with Rational Numbers Review Game. Please select a Team

Copyright © 2009 Pearson Education, Inc. Chapter 12 Section 4 - Slide 1 P-4 Probability Expected Value (Expectation)

Probability and Odds Foundations of Algebra. Odds Another way to describe the chance of an event occurring is with odds. The odds in favor of an event.

FLAGS OF ASEAN COUNTRIES SET 1 Match the flags with the right ASEAN countries. To win the game, you must get all of the correct pairs.

MM1D2d: Use expected value to predict outcomes

10-7 Odds Course 3 Warm Up Warm Up Problem of the Day Problem of the Day Lesson Presentation Lesson Presentation.

Not So Great Expectations! Which game do you think has the highest return per dollar?

1/2, 1/6, 1/6, 1/6 1)If you spin once, what is the probability of getting each dollar amount (fractions)? 2) If you spin twice, what is the probability.

WOULD YOU PLAY THIS GAME? Roll a dice, and win $1000 dollars if you roll a 6.

6.5 Find Expected Value MM1D2d: Use expected value to predict outcomes. Unit 4: The Chance of Winning!

Example 2 Writing a Probability as a Percent Prizes A radio station randomly selects 1 of 5 finalists for a prize. You are one of the finalists. What is.

Random Numbers Random numbers are extremely useful: especially for games, and also for calculating experimental probabilities. Formula for generating random.

Find Expected Value.  A collection of outcomes is partitioned into n events, no two of which have any outcomes in common. The probabilities of n events.

Expected Value and Fair Game S-MD.6 (+) Use probabilities to make fair decisions (e.g., drawing by lots, using a random number generator). S-MD.7 (+) Analyze.

Pre-Algebra 9-8 Odds 9-8 Odds Pre-Algebra Warm Up Warm Up Problem of the Day Problem of the Day Lesson Presentation Lesson Presentation.

Probability Distributions. Constructing a Probability Distribution Definition: Consists of the values a random variable can assume and the corresponding.

Homework Questions. Binomial Theorem Binomial  Bi – means 2 – two outcomes  Win/lose, girl/boy, heads/tails  Binomial Experiments.

Coordinate Geometry Vocabulary Game By: Zani Alam.

Name _____ 6__Lesson 6 Theoretical Probability June __ Page 271.

Calculate theoretical probabilities and find the complement of an event.

1 Expected Value CSCE 115 Revised Nov. 29, Probability u Probability is determination of the chances of picking a particular sample from a known.

Expected values of games

Tic-Tac-Throw! How to Play: X or O

Warm Up Construct a probability distribution and draw a graph for drawing a card from a deck of 40 cards consisting of 10 cards numbered #1, 10 cards numbered.

Determining the theoretical probability of an event

Expected Value MM1D2 Students will use the basic laws of probabilities. d. Use expected value to predict outcomes.

Patrick's Casino. Patrick's Casino What is the probability of picking an ace?

CHAPTER 6 Random Variables

Lesson 11.8 – 11.9 Compound Probability

Expected Value Practice

Find Probabilities of Independent and Dependent Events

A Problem that will delight your fancy

Simple Random Sample A simple random sample (SRS) of size n consists of n elements from the population chosen in such a way that every set of n elements.

Probability And Expected Value ————————————

Foreigner - Cold as Ice

Adding Integers with Different Signs

Warm-up $100 $100 90° 90° 60° 60° $200 60° $400 $300 If you spin once, what is the probability of getting each dollar amount (fractions)? 2) If you spin.

Probability And Expected Value ————————————

The World Chess Championship is decided over twelve games

Work for Year 8S/Ma1 Fractions.

Permutations and Combinations

Work for Year 8S/Ma1 Fractions.

5 % of the Point Special Must Go

Factor Game Sample Game.

Game Description Player 1: Decides on integer x > 0

You can choose one of three boxes

Can you locate the lost giraffe?

HERE’S A PREVIEW….

Presentation transcript:

6.5 Find Expected Value MM1D2d

First: Play the following game with a partner… Each person choose an integer from 2 to 4: -If the sum of the 2 integers is odd, then player A scores 3 points and player B loses 1 point. -If the sum is even, then player B scores 3 points and player A loses 1 point. What score is Player A receiving on average? What about Player B?

Vocabulary Expected Value-

(Ex 1) Find an expected value Consider a game in which 2 players each choose an integer from 2 to 4. If the sum of the 2 integers is odd, then player A scores 3 points and player B loses 1 point. If the sum is even, then player B scores 3 points and player A loses 1 point. Find the expected value for player A.

Checkpoint Probability, p 0.10 0.25 0.65 The outcome values and their probabilities are given. Find the expected value: Outcome value, x 2 3 -1 Probability, p 0.20 0.45 0.35 Outcome value, x $8 $4 -$2 Probability, p 0.10 0.25 0.65

(Ex 2) Use expected value You participate in a game show in which you respond to questions that have 3 possible answers. You gain $10 for each correct answer, and lose $6 for each incorrect answer. If you do not know the answer to one of the questions, is it to your advantage to guess the answer?

(Ex 3) Find expected value A movie theater is giving away a $100 prize and a $50 prize. To enter the drawing, you need to simply buy a movie ticket for $6. The ticket collectors will take the tickets from the first 1000 guests, and after the movie they will randomly choose one ticket. If the number chosen matches the number on your ticket stub, you win 1st or 2nd prize. What is the expected value of your gain?

Checkpoint In Ex 2, suppose you gain $8 for each correct answer and lose $4 for each incorrect answer. Find the expected value and then determine if it is to your advantage to guess on a particular question. There is a prize drawing for home electronics. Tickets are $8. There are a total of 5000 tickets sold for the drawing. The 3 prizes are a new computer worth $1500, a HDTV worth $800, and a stereo system worth $300. If you buy 1 ticket, what is the expected value of your gain?

Assignment p. 357 #1-9