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In: Statistics and Probability

3. (a) What is meant by the term "expected value"? (b) Suppose the expected value of...

3.

(a) What is meant by the term "expected value"?

(b) Suppose the expected value of a lottery ticket is -$0.95. Does this mean that you will lose exactly $0.95 every time you buy a ticket? Explain your answer briefly.

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orchestra answered 3 years ago
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