How Much Would You Expect?
Discrete and Continuous Random Variables
Discrete and Continuous Random Variables
Use the probability distribution of a discrete random variable to calculate the probability of an event.
Make a histogram to display the probability distribution of a discrete random variable and describe its shape.
Calculate and interpret the mean (expected value) of a discrete random variable.
Calculate and interpret the expected value and standard deviation of a continuous random variable.
Use the probability distribution of a continuous random variable (uniform or Normal) to calculate the probability of an event.
Pick a scratch off ticket (or if your are 18 and have some money to spare, go buy one!).
Calculate the amount of money you are expected to win (taking into account the price you pay for it) and the standard deviation.
Interpret your results.