# Given the probability distribution for the lottery

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Chapter 13 / Exercise 14
Mathematical Excursions
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13.*Given the probability distribution for the lottery above, what is the standard deviation of this lottery?b.a)2,401c.b)2,116d.c)49e.d)46Ans: B
Difficulty: MediumHeading: Describing Risky OutcomesLO 1 Describe risky outcomes using the concepts of probability, expected value, and variance.a.14.Suppose you purchase a collectible baseball card from an acquaintance for \$50. You think it could be worth \$1,000 with a 10% probability and \$0 with a 90% probability. What is your expected value for the baseball card?
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Chapter 13 / Exercise 14
Mathematical Excursions
Aufmann Expert Verified
Difficulty: EasyHeading: Describing Risky OutcomesLO 1 Describe risky outcomes using the concepts of probability, expected value, and variance.a.15.The variance of a probability distribution can be described as
Difficulty: MediumHeading: Describing Risky OutcomesLO 1 Describe risky outcomes using the concepts of probability, expected value, and variance.a.16.What would be the expected value, variance and standard deviation of an event that always took the value one as its outcome?
Difficulty: MediumHeading: Describing Risky OutcomesLO 1 Describe risky outcomes using the concepts of probability, expected value, and variance.a.17.Given the possible outcomes to a lottery being only the values 2, 6 with equal probabilities, calculate the expected value, variance and standard deviation? b.a)EV = 4, variance = 16, standard deviation = 4c.b)EV = 4, variance = 4, standard deviation = 2d.c)EV = 4, variance = 4, standard deviation = 4e.d)EV = 3.5, variance = 4, standard deviation = 2Ans: B
Difficulty: HardHeading: Describing Risky OutcomesLO 1 Describe risky outcomes using the concepts of probability, expected value, and variance.a.
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