Question: Expected Value Problem A cell phone contract charges a flat monthly fee of $45 per month, with extra charges if you exceed the monthly data
Expected Value Problem A cell phone contract charges a flat monthly fee of $45 per month, with extra charges if you exceed the monthly data limit The flat fee provides up to 6 GB of data usage per month, and charges an extra $17 per GB used beyond 6 (Unused data cannot be carried over into the next month)
My data usage varies from month to month according the probability distribution shown below
GB Used: 4 5 6 7 8
Probability: 0.2 0.3 0.3 0.1 0.1
| GB used | 4 | 5 | 6 | 7 | 8 | |
| Probability | 0.2 | 0.3 | 0.3 | 0.1 | 0.1 | EMV |
| 4 | ||||||
| 5 | ||||||
| 6 | ||||||
| 7 | ||||||
| 8 |
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