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Expected Value

Expected Value. Vocabulary. expected value decision theory. Of all workers at a certain factory, the proportions earning certain hourly wages are as follows: . Find the expected hourly wage that a worker at this factory makes. .

Expected Value

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1. Expected Value

2. Vocabulary • expected value • decision theory

3. Of all workers at a certain factory, the proportions earning certain hourly wages are as follows: Find the expected hourly wage that a worker at this factory makes.

4. Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of a random guess.

5. Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of eliminating one answer and guessing among the remaining 4 possible answers.

6. Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Find the expected value of eliminating two answers and guessing among the remaining 3 possible answers.

7. Suppose you are taking a multiple-choice test where each question has choices a through e. If you get the answer correct, you get 4 points. If you get a wrong answer, you lose 1 point. Use decision theory and your previous answers to create a guessing strategy for this multiple-choice test.

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