question archive Suppose you are trying to decide whether to park illegally while you attend class
Suppose you are trying to decide whether to park illegally while you attend class
Subject:StatisticsPrice:2.86 Bought3
Suppose you are trying to decide whether to park illegally while you attend class. If you get a ticket, the fine is $25. Suppose the probability you get a ticket is 1/100.
Q1 Find the expected value of how much you would pay. Show your work.
Q2At what probability of a ticket would your expected value be zero? Show your work.
Q3Find the expected value of how much you would pay if the real probability of a ticket is 1/4. Show your work.
