Question 1 First attempt

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Rodrigo plans to buy packs of baseball cards until he gets the card of his favorite player, but he only has enough money
Report: Mean (expected value) of a discrete random variable
to buy at most three packs. Suppose that each pack has a 10% chance of containing the card Rodrigo is hoping for. 100%

The table below displays the probability distribution of X , the number of packs of cards Rodrigo buys. 1/3 Definition and formula:
1 Incorrect 2 InCorrect 3
the case of a discrete random variable, expected value or meanIncorrect
— denoted as E(X) or μX — is
​

X = # of packs 1 2 3 the long-run average outcome. To find expected value, take each value, multiply it by its respective
Rodrigo plans to buy packs of baseball cards until he probability,
An electronics retailer offers an optional protection plan and add upisallplaying
Cora the products.
a game that involves flipping three coins
P (X) 0.10 0.09 0.81
gets the card of his favorite player, but he only has for a mobile phone it sells. Customers can choose to buy at once. Let the random variable H be the number of
enough money to buy at most three packs. Suppose E(X)
the protection plan for $100, and in case of an accident, = μX = coins​ + xland
x1 p1 that
​

2 p2 + ... + x"heads".
showing
​ ​

n pn​

Here is the probability

​

Calculate the mean of X . that each pack has a 10% chance of containing the card the customer pays a $50 deductible and the retailer will distribution for H :
= ∑ xi p i
Rodrigo is hoping for. cover the rest of the cost of that repair. The typical cost
μX = to the retailer is $200 per repair, and the plan covers a
​ ​

packs
H = # of heads 0 1 2 3
The table below displays the probability distribution of maximum of 3 repairs.
X , the number of packs of cards Rodrigo buys.
2/3 Calculations P (H) 0.125 0.375 0.375 0.125
Let X be the number of repairs a randomly chosen
customer uses under the protection plan, and let X = # of packs
F be 1 expected
Find the 2 value
3 of the number of coins that land
X = # of packs 1 2 3 the retailer's profit from one of these protection plans. showing "heads".
Based on data from all of its customers, here are Pthe(X) 0.10 0.09 0.81
P (X) 0.10 0.09 0.81
probability distributions of X and F : E(H) = "heads"
E(X) = μX = 1(0.10) + 2(0.09) + 3(0.81)
Calculate the mean of X .
X = # of repairs 0 1 2
μX = packs = 0.10 + 0.18 + 2.43
F =  retailer profit $100 −$50 −$200 −
Probability 0.90 0.07 0.02 = 2.71

4 Correct / 3 perThe answer

Find the expected value of the retailer's3profit
protection plan sold.
An electronics retailer offers an optional protection plan The mean is μX = 2.71 packs.
for a mobile phone it sells. Customers can choose to buy E(F ) = dollars
the protection plan for $100, and in case of an accident,
the customer pays a $50 deductible and the retailer will
cover the rest of the cost of that repair. The typical cost
to the retailer is $200 per repair, and the plan covers a
maximum of 3 repairs.

Let X be the number of repairs a randomly chosen

customer uses under the protection plan, and let F be
the retailer's profit from one of these protection plans.
Based on data from all of its customers, here are the
probability distributions of X and F :
 X = # of repairs 0 1 2
Question 1 First attempt
F =  retailer profit $100 −$50 −$200 −
Probability 0.90 0.07 0.02
Rodrigo plans to buy packs of baseball cards until he gets the card of his favorite player, but he only has enough money Responses Draw Hints
to buy at most three packs. Suppose that
Calculate each
the pack
mean . a 10% chance of containing the card Rodrigo is hoping for.
has
of X

The table below displays the probability of X , the number of packs of cards Rodrigo buys.
μ = distributionrepairs
1/3 Definition and formula:
X

In the case of a discrete random variable, expected value or mean — denoted as E(X) or μX — is ​

X = # of packs 1 2 3 the long-run average outcome. To find expected value, take each value, multiply it by its respective
probability, and add up all the products.
P (X) 0.10 0.09 0.81
E(X) = μX = x1 p1 + x2 p2 + ... + xn pn
​ ​ ​ ​ ​ ​

Calculate the mean of X .

= ∑ xi p i
μX =
​ ​

packs

2/3 Calculations

X = # of packs 1 2 3
P (X) 0.10 0.09 0.81

E(X) = μX = 1(0.10) + 2(0.09) + 3(0.81)

= 0.10 + 0.18 + 2.43

= 2.71

3/3 The answer

The mean is μX = 2.71 packs.