Expected Value in Probability: Definition & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

In a certain game, you can win either $0, $50, or $100. The expected value of the game is -$20. If you play this game many times, how much money can you expect to make per game, on average?

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1. How many green cars would you expect to see on any given day?

2. Which of the following expected values means that you will gain money instead of losing money by playing a game numerous times?

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About This Quiz & Worksheet

Expected value plays a big role in calculating probability, as the average value one can expect after a large number of rounds of events. This quiz and worksheet will help you test your understanding of these calculations. Some of the quiz questions will test you on the characteristics of an expected value and the application of this calculation in real-world examples.

Quiz & Worksheet Goals

In these assessments, you'll be tested on:

  • Performing these calculations in real-world scenarios
  • The characteristics of expected values
  • The difference between negative and positive expected values
  • How to perform these calculations

Skills Practiced

This quiz and worksheet will allow you to test the following skills:

  • Reading comprehension - ensure that you draw the pertinent information on expected values from the related lesson
  • Making connections - use your understanding of the concept of probability to better grasp expected values
  • Problem solving - use acquired knowledge to solve expected value and probability practice problems

Additional Learning

To learn more about expected values in probability, review the accompanying lesson entitled Expected Values in Probability: Definition & Formula. This lesson covers the following objectives:

  • Define expected value
  • Differentiate between negative and positive expected values
  • Perform calculations of probability in real-world scenarios using expected values
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