Probability Chapter 11. 1. Odds and Mathematical Expectation Section 11.6. 2. Probability to Odds. If P ( E ) is the probability of an event E occurring, then. NOTE: The odds against E can also be found by reversing the ratio representing
NOTE: The odds against E can also be found by reversing the ratio representing
the odds in favor of E. Also odds is not probability and probability is not
odds but one can be found from the other.
According to a survey, the probability of being the victim in a serious crime in your lifetime is 1/20. Find
the odds in favor of this event occurring.
the odds against this event occurring.
The odds in favor of having complications during
surgery in June are 1 to 4.
What is the probability that this event will occur?
What are the odds against this event occurring?
What is the probability that this event will not
Possible outcomes are HH, HT, TH, and TT.
Suppose you have the choice of selling hot dogs at two stadium locations. At stadium A you can sell 100 hot dogs for $4 each, or if you lower the price and move to stadium B, you can sell 300 hot dogs at $3 each. The probability of being assigned to A is .55, and to B is .45. Find the expected value for
Which location would you choose?
Note: This is ½ because 1 – ½ = ½ not because both parentheses are the same.
Note: 1 – ¾ = ¼ .