Expected Value and Variance MCQ (Multiple Choice Questions) PDF Download

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

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

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

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

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

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