In: Statistics and Probability
exercise 1. you have n Elements in [0,1] uniformly distributed and independent.The decision maker sees all n Elements simultaneously and wants to take the best of of them. Prove that for the case n=3 the exepected value Emin(3)=1/4,Emax(3)=3/4 and Emed(3)=2/4, where Emin=E(min{x1,x2,x3}) and Emax=E(max{x1,x2,x3})
Please Provide an answer ASAP,
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