You explain to a subordinate that a probability mass function has 4 outcomes: 100, 200, 300, 400.
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Question:
You explain to a subordinate that a probability mass function has 4 outcomes: 100, 200, 300, 400. The probabilities of these outcome are 0.20, 0.30, 0.10, and 0.40 respectively. Finally, you ask her to calculate the expected value. Which of the following contains the correct expected value?
A. 250
B. 270
C. 300
D. None of the above
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