Population Mean = Expected Value E(X) (Q1b)
Another term for the mean is the Expected Value of X or E(X)
For a discrete probability distribution, the mean is NOT calculated as:
…Instead, the probabilities of each x must be included in the formula for the expected value of X as follows:
Expected Value of X
Order of operations is very important here:
1st » Brackets: … no operations within brackets in this formula…
2nd » Exponents: … no exponents in this formula…
3rd » Division: … no division in this formula…
4th » Multiplication: X x P(x) « multiplication symbol normally hidden
5th » Addition: ΣXP(x)
6th » Subtraction: … no subtraction in this formula
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Question 1 of 2
1. Question
A lab in Michigan State University orders 100 rats a week for each of the 52 weeks in the year for experiments that the lab conducts. Suppose the mean cost of rats used in lab experiments turned out to be $15.00 per week. Interpret this value.
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Question 2 of 2
2. Question
The mean of a discrete probability distribution for X is the sum of all possible values of X, divided by the number of possible values of X.
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