Consider a single toss of a fair coin, and define X as the number of heads that
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Consider a single toss of a fair coin, and define X as the number of heads that come up on that toss. Then X can be 0 or 1, with a probability of 50 %.
The expected value of X is 1/2 . Can we “expect” to get 1/2 a head when we toss the coin? If not, how should we interpret the concept of the expected value?
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The phrase expected value in probability can sometimes be misleading because it suggests a predictio...View the full answer
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Related Book For
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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