Expected Value.

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Expected Value (MAT 142) Expected Value.

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Expected Value

Of all workers at a certain factory, the proportions earning certain hourly wages are as follows: $8.50 $9.00 $9.50 $10.00 $12.50 $15.00 proportion 20% 15% 25% 5% Find the expected hourly wage that a worker at this factory makes.

Easy Money Oil Co. is considering drilling in Jed Clampett's back yard or his front yard. After thorough testing and analysis, they estimate that there is a 35% chance of striking oil in the back yard and a 45% chance in the front yard. They also estimate that the back yard site would either net $50 million (if oil is found) or lose $5 million (if oil is not found), and the front yard site would either net $59 million or lose $5 million. What is the expected value of drilling in the back yard? What is the expected value of drilling in the front yard? Based on the expected values, where should they drill?