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Understanding Combinations and Expected Value: A Review of Probability Scenarios

Dive into the fascinating world of probability and expected value with real-world examples. Explore how to calculate the number of ways to form groups from a larger set, such as selecting groups from 25 people, considering order and randomness. Discover how to compute probabilities from real-life situations, like selecting drinks from a cooler. Additionally, learn to find expected values for insurance policies and profit scenarios based on traffic conditions. Master these concepts to enhance your understanding of basic probability and statistics.

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Understanding Combinations and Expected Value: A Review of Probability Scenarios

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  1. Math 1332 Chapter 11.8 Review and Expected Value

  2. From 25 people, how many random groups of 5 can you select? From 25 people, how many groups of 5 can you select if you order them from tallest to shortest?

  3. I have the following in a cooler: 6 Cokes, 8 Sprite, 4 Water Find the probability of selecting 3 sprites in a row. Find the probability of selecting a Coke or a Sprite

  4. Expected Value – multiply each outcome by it’s probability and add the results

  5. An airline sells a $100,000 policy for $1. What is the expected value and how much can the company make on each policy it sells if there are 25 deaths per 10 million travelers.

  6. A store expects the following:Profit if there is good traffic: $20 MillionLoss if there is no traffic: $1.5 millionProbability of good traffic: .3What is the expected value?

  7. A dice game has the following rules: If you roll a 1 on a die you win $30Any other value wins nothingWhat is the expected value if the fee is $6

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