Expected Value and Variance Multiple Choice Questions with Answers – PDF Download

MCQ 1: 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

MCQ 2: 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

MCQ 3: 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

MCQ 4: 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

MCQ 5: The number of units multiply profit per unit multiply probability to calculate:

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