X is the number of dollars gained or lost each day playing cards. The distribution of...
X is the number of dollars gained or lost each day playing cards. The distribution of X is below. Give the mean and variance of X. (Show work)
X P(X)
0 .30
1 .10
2 .50
3 .10
Homework Answers
Solution:
| x | P(x) | x * P(x) | x2 * P(x) |
| 0 | 0.3 | 0 | 0 |
| 1 | 0.1 | 0.1 | 0.1 |
| 2 | 0.5 | 1 | 2 |
| 3 | 0.1 | 0.3 | 0.9 |
| Sum | 1 | 1.4 | 3 |
Mean = 
X * P(X)
= 1.4
Variance
=
X 2 * P(X) -
2
= 3 - (1.4)2 = 1.04
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