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Help what is 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?

 Apr 18, 2023
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(a) What is the expected value of the number shown when we draw a single slip of paper?

 

Add the numbers together and divide by the total number of slips.

3+3+3+3+3+3+3+3+5+5=6+6+6+6+10=12+12+10=24+10=34

Divide by ten to get 34/10=17/5

 May 2, 2023

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