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Solve Expected Value and Variance Multiple Choice Questions (MCQ), expected value and variance quiz answers PDF worksheet, business statistics practice test for online degree programs. Learn probability distributions Multiple Choice Questions and Answers (MCQs), "Expected Value and Variance" quiz questions and answers for BS degree in business administration. Learn random variable classes, binomial probability distribution, uniform distribution test prep for online college classes.

"The value which is obtained by multiplying the possible values of random variable with the probability of occurrence and is equal to weighted average is called" Multiple Choice Questions (MCQ) on expected value and variance with choices discrete value, weighted value, expected value, and cumulative value for BS degree in business administration. Practice expected value and variance quiz questions for merit scholarship test and certificate programs for online degrees.

MCQ: The value which is obtained by multiplying the possible values of random variable with the probability of occurrence and is equal to weighted average is called

1. discrete value
2. weighted value
3. expected value
4. cumulative value

C

MCQ: The demand of products per day for three days are 21, 19, 22 units and their respective probabilities are 0.29, 0.40, 0.35. The profit per unit is \$0.50 then the expected profits for three days are

1. 21, 19, 22
2. 21.5, 19.5, 22.5
3. 0.29, 0.40, 0.35
4. 3.045, 3.8, 3.85

D

MCQ: The probability which explains x is equal to or less than particular value is classified as

1. discrete probability
2. cumulative probability
3. marginal probability
4. continuous probability

B

MCQ: The selling price of product is subtracted from purchasing price of product to calculate

1. profit of product
2. loss of profit
3. cumulative average
4. weighted average

A

MCQ: The number of units multiply profit per unit multiply probability to calculate

1. discrete profit
2. expected profit
3. weighted profit
4. continuous profit

B