Asked by
JAKOB SUNDSTROM
on Oct 30, 2024
Verified
Families with an income range of $35,000 to $55,000 are likely to buy the latest Star Quest DVD.What is the expected value for the family income for this uniform probability distribution?
A) $45,000
B) $90,000
C) $20,000
D) $1666.67
Uniform Probability Distribution
A distribution in which all outcomes are equally likely to occur within a certain range.
Expected Value
The long-run average value of repetitions of the same experiment or random trial.
- Quantify the probabilities and characteristics (mean, variance, predicted value) for multiple probability distributions.
- Apply knowledge of probability distributions to specific real-world examples.
- Calculate and interpret the expected value and variance for given probability distributions.
Verified Answer
TD
Learning Objectives
- Quantify the probabilities and characteristics (mean, variance, predicted value) for multiple probability distributions.
- Apply knowledge of probability distributions to specific real-world examples.
- Calculate and interpret the expected value and variance for given probability distributions.