Textbook Notes (368,070)
Statistics (98)
STAT 100 (65)
Chapter 20

Chapter 20 STATS.docx

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School
Department
Statistics
Course
STAT 100
Professor
Derek Bingham
Semester
Summer

Description
Chapter 20 The House Edge Expected ValuesExpected ValuesThe expected value of a random phenomenon that has numerical outcomes is found by multiplying each outcome by its probability and then adding all the productsExpected valuea1p1a2p2 akpkAn expected value is an average of the possible outcomes but it is not an ordinary average in which all outcomes get the same weightThe idea of expected value as an average applies to random outcomes other than games of chance It is used to describe the uncertain return from buying stocks or building a new factory The Law of Large numbersAccording to the law of large numbers if a random phe
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