MAT 142 Lecture Video SeriesExpected ValueObjectivesVocabularyOf all workers at a certain factory, the proportions earning certain hourly wages are as follows:Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point.Slide 7Slide 8Slide 9Creator and Producer Elizabeth Jones for The School of Mathematical and Statistical Sciences at Arizona State University Videographer Mike Jones ©2009 Elizabeth Jones and School of Mathematical and Statistical Sciences at Arizona State UniversityMAT 142Lecture Video SeriesExpected ValueObjectives•Determine the expected value of an event.Vocabulary•expected value •decision theoryOf all workers at a certain factory, the proportions earning certain hourly wages are as follows: Find the expected hourly wage that a worker at this factory makes. hourly wage$8.50 $9.00 $9.50 $10.00$12.50$15.00proportion20% 15% 25% 20% 15% 5%Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of a random guess.Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of eliminating one answer and guessing among the remaining 4 possible answers.Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of eliminating two answers and guessing among the remaining 3 possible answers.Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Use decision theory and your previous answers to create a guessing strategy for this multiple-choice test.Creator and ProducerElizabeth Jones forThe School of Mathematical and Statistical SciencesatArizona State University VideographerMike Jones©2009 Elizabeth Jones and School of Mathematical and Statistical Sciences at Arizona State
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