Question

Suppose we have a bag with slips of paper in it. Eight slips have a on them and the other two have an on them. What is the expected value of the number shown when we draw a single slip of paper?

Answer 1

Explanation:

The expected value of an event (like drawing a slip of paper) is the average of the values of each outcome. In this case, the outcome of drawing a slip of paper is either an a or an b.The probability of drawing an a is 8/10 = 0.8, and the value of drawing an a is 1. The probability of drawing an b is 2/10 = 0.2, and the value of drawing an b is 2.So, the expected value is:E = (0.8 * 1) + (0.2 * 2) = 1.6

Therefore, the expected value of the number shown when we draw a single slip of paper is 1.6.