Expected value

Will a basketball player score more points over time from a two point shot or a three point shot? How much money can we expect to win back if we play the lottery? This tutorial on expected value will help us answer these types of questions.

Mean (expected value) of a discrete random variable

Mean (expected value) of a discrete random variable

Interpreting expected value

Interpret expected value

Expected payoff example: lottery ticket

Expected payoff example: protection plan

Find expected payoffs