Question: 2. Let X have PMF (a) Calculate E(X) and E(1/X). (b) In a win-win game, the player will win a monetary prize, but has to

2. Let X have PMF

X 1 2 3 4 p(x) 0.4 0.3 0.1 0.2

(a) Calculate E(X) and E(1/X).

(b) In a win-win game, the player will win a monetary prize, but has to decide between the fixed price of $1000/E(X) and the random price of $1000/X, where the random variable X has the PMF given above.
Which choice would you recommend the player make?

X 1 2 3 4 p(x) 0.4 0.3 0.1 0.2

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