Lesson Plan

Compute the expected value of a discrete random variable using E(X) = sum of x*P(X = x)

Interpret expected value as the mean of the probability distribution

Interpret expected value as the long-run average value over many repetitions

Locate the expected value as the balance point of the probability histogram

Compute and interpret expected value for situations with signed payoffs, and classify a game of chance as fair, favorable, or unfavorable from the sign of E(X)

HSS.MD.A.2

HSS.MD.A.2: (+) Calculate the expected value of a random variable; interpret it as the mean of the probability distribution.