Expected Value

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http://youtube.com/watch?v=DAjVAEDil_Q

Expected Value | Definition and Practical Example with a Game Spinner • In this video, we dive into the concept of expected value, a fundamental concept in probability and statistics used to predict the average outcome of a random event over time. We begin with the formula for expected value and explain how it is calculated for a series of possible outcomes and probabilities. To illustrate, we use a game with a spinner where you pay $1 to play and can win various amounts. By calculating the expected winnings, we reveal whether or not the game is fair (spoiler: you actually lose money in the long run). • What You Will Learn: • Definition and formula for expected value in probability. • Step-by-step application of expected value in a real-life scenario. • How to analyze whether a game is fair or profitable based on expected value. • This video is perfect for anyone looking to understand expected value, from students learning probability basics to anyone interested in game theory and fair games. • [Patreon support link for PatrickJMT] (https://www.patreon.com/patrickjmt?ty=c) • #ExpectedValue #Probability #GameTheory #Statistics #PatrickJMT #Mathematics #MathTutorial #MathHelp #EducationalMath #FairGame #LearnMath #ProbabilityTheory #MathExplained #MathTeacher #StatisticalAnalysis #MathEducation

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