Plz help with expected value
Suppose we have a bag with 10 slips of paper in it. Eight slips have a 3 on them and the other two have a 5 on them.
(a) What is the expected value of the number shown when we draw a single slip of paper?
(b) What is the expected value of the number shown if we add one additional 3 to the bag?
(c) What is the expected value of the number shown if we add two additional 3's (instead of just one) to the bag?
