Finding the Expected Value of a Probability Distribution

[@mr.moogate8906]

Thanks this helped a lot test is in 8 minutes 😳

[@LaylaThompson-g2j]

Hello. How can I find my estimated net income? Is it the same thing that we calculated, or do we have to do an additional step? Thank you.

[@veerakanneboina8086]

Is expected value and expected gain are same or different.

[@MathandStatsHelp]

They are pretty much the same thing. Both are calculated the same way.

[@veerakanneboina8086]

@@MathandStatsHelpDo I have to consider net profit only for every outcome while calculating expected value.

[@alexmumbere3373]

Can we find a positive expected gain??

[@MathandStatsHelp]

Yes, you would just need to change the signs around for the x values. A loss to the person would be considered a gain to the company, and a gain to the person would be considered a loss to the company.

[@joelchristman]

Thank you fr

[@giddygrane9663]

This saved me from losing a lot of money, thanks a bunch ❤

[@wilfredv1930]

how ?

[@giddygrane9663]

@@wilfredv1930 By calculating, I only bought tickets where my chances of winning a lottery was better. I don't participate in lotteries recently though.

[@marlonboro6246]

what if i will buy 5 tickets?

[@MathandStatsHelp]

Your expected loss would just be 5 times the expected value.

[@marlonboro6246]

@@MathandStatsHelp Oh, i see. Thank you so much! :)

[@kushparikh8034]

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