Expected Value - Quiz Quiz Answers

A trucking company operates in three regions of the country. The table depicts the probability that each company truck is in the region and the fuel prices per gallon. What amount should the company budget on average for a gallon of fuel across its operations? Round your answer to the nearest cent. Probability and Fuel Cost by Region Region Probability in Region Fuel Cost per Gallon Southeast 20 percent 3 point 1 0 dollars Southwest 30 percent 3 point 5 0 dollars California 50 percent 4 point 0 5 dollars

A business has an opportunity to invest 35 dollars comma 000 If the investment is a success, the business earns a profit of 150 dollars comma 000 Otherwise, the investment will result in a total loss of all monies. If the investment has 0 point 2 7 chance of success, which equation correctly models the expected value of this investment?

Johnny is challenged to a single-player game with an expected value of 1 Which statement is true?

If a raffle has a winning prize of 100 dollars and each ticket costs 5 dollars with a total of 500 tickets sold, which equation would calculate the expected value?

Joe takes part in math competitions. A particular contest consists of 25 multiple-choice questions, and each question has 5 possible answers. It awards 6 points for each correct answer, 1 point 5 points for each answer left blank, and 0 points for incorrect answers. Joe is sure of 12 of his answers. He ruled out 2 choices before guessing on 4 of the other questions and randomly guessed on the 9 remaining problems. What is his expected score?

Harlene tosses two number cubes. If a sum of 8 or 12 comes up, she gets 9 points. If not, she loses 2 points. What is the expected value of the number of points for one roll?

A math club is researching a golf tournament fund-raiser. It will cost 1 dollars comma 000 to host the tournament. If it rains, the club will lose the investment. If it is sunny, it is expected that the club will collect 4 dollars comma 500 from the participants. If the chance of rain is 20 percent , what is the expected value for the tournament?

An investor has an opportunity to invest in three companies. She researched each company and collected the information in the table. Which company would provide the best investment? Probability of Profit and Loss by Company Company Loss, Probability of Loss Probability to Break Even Profit, Probability of Profit cap A 24 dollars comma 000 , 16 percent 50 percent 10 dollars comma 000 , 34 percent cap b 12 dollars comma 000 , 32 percent 40 percent 21 dollars comma 000 , 28 percent cap c 6 dollars comma 000 , 23 percent 17 percent 5 dollars comma 000 , 60 percent

A company makes a 5 dollars profit on each non-faulty product it sells. Approximately 2 percent of the products manufactured are faulty, with no way to discover which ones are faulty before delivery. If replacement-and-repair costs for the faulty products are 100 dollars each, what is the profit per item?

A cafeteria purchases milk from one of three providers each week, depending on what other items need to be purchased. The probability of shopping at each store and the cost of one gallon of milk are shown in the table. Probability and Milk Cost by Store Store Probability Milk Cost per Gallon cap A 30 percent 3 point 0 0 dollars cap b 10 percent 3 point 5 0 dollars cap c 60 percent 2 point 7 5 dollars

A charity is holding a raffle to raise money. There is one car worth 30 dollars comma 000 and five 100 dollars gift cards being raffled off. Each ticket costs 20 dollars , and there are a total of 5 comma 000 tickets being sold. Which equation correctly depicts the calculation of the expected value for a ticket?

Sebastian has researched the following scoring schemes: one that has 5 question choices, one that has 4 question choices, and two that have 3 question choices. Which scoring scheme is the most favorable to the test taker? Scoring Schemes of Multiple-Choice Tests Scoring Scheme Points for Correct Answer Points for Incorrect Answer cap A times 5 choices 1 negative 1 fourth cap b times 3 choices 2 negative 1 half cap c times 4 choices 1 negative 1 third cap d times 3 choices 3 negative 1 third

A business has an opportunity to invest 35 dollars comma 000 If the investment is a success, the business earns a profit of 150 dollars comma 000 Otherwise, the investment will result in a total loss of all monies. If the investment has 0 point 2 7 chance of success, which equation correctly models the expected value of this investment?

Derek Jeter challenges Albert Pujols to a batting battle. Each will earn 1 point for a hit other than a home run and 4 points for a home run in each round. Which player should you back given the statistics in the table? Note that home runs are included as hits in the table. Data for Two Batters Batter At Bats Hits Home Runs Jeter 488 156 9 Pujols 448 125 26

Which statement correctly depicts the expected value of a fair game?

Two students devised a game called “ 3 Pennies & 2 Nickels.” Each player will choose to play the pennies or the nickels. In each round, the players will flip all their coins on the table and record how many heads and tails they have. The table includes the point scheme. Point Values for " 3 Pennies & 2 Nickels" Penny Points Nickel Points All Pennies heads: negative 2 Both nickels heads: negative 2 At least one of each: plus 3 One of each: plus 5 All pennies tails: negative 2 Both nickels tails: negative 2 Alyssa wants to play the game. Choose the statement that is correct in all aspects.

If a raffle has a winning prize of 100 dollars and each ticket costs 5 dollars with a total of 500 tickets sold, which equation would calculate the expected value?

Given the spinner in which all regions are equal, which of the following point scales would result in a favorable game?

Two black chips and three red chips are put into a bag. Two points are awarded for each black chip drawn, and one point is lost for each red chip drawn. What is the expected value for each round if there are two draws per round and the chips are replaced after each draw?

The marketing club at school is opening a student store. They randomly survey 50 students about how much money they spend on lunch each day. What is the expected value for a student to spend on lunch each day?