Homework Answers
a.
| prize (in dollars) | P(prize) |
| 200 | 1/200 |
| 100 | 2/200 |
| 50 | 3/200 |
| 0 | (200-1-2-3)/200 = 194/200 |
it is probability distibution because all probabilities are in range [0,1]
and sum of probabilities is 1
b.
E(vale) = sum of value*P
= sum of (prize-cost)*P(prize)
= (200-10)*1/200 + (100-10)*2/200 + (50-10)*3/200 + (0-10)*194/200
= -7.25 dollars
(please upvote)
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