Which of the following describes an example of an expected value in a lottery situation?
a. The average amount of money you'll win/lose in the long run when playing the lottery.
b. The amount of money you will win/lose on any given ticket.
c. The amount of money that you'll have the highest chances of winning.
d. All of the above.
Question 2
Which probability is the smallest?
a. The probability that a couple's third child is a girl.
b. The probability that a couple has their first girl by the time of the third child.
c. The probability that a couple's first girl occurs the third time around.
d. All of the above probabilities are equal.
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