We have the following discrete random: If the result of throwing a perfect dice is a prime number, the payoff will be the result times $$10$$. We include in the table these payoffs. Assign payoffs to the other results from throwing the dice.
- Fill in the following table:
Result of the dice | probability | payoff |
$$1$$ | $$1/6$$ | $$10$$ |
$$2$$ | ? | ? |
$$3$$ | ? | $$30$$ |
$$4$$ | ? | ? |
$$5$$ | $$1/6$$ | ? |
$$6$$ | $$1/6$$ | ? |
-
Find the average payoff if we throw the dice only once.
- Find the variance and the standard deviation.
Development:
Result of the dice | probability | payoff |
$$1$$ | $$1/6$$ | $$10$$ |
$$2$$ | $$1/6$$ | $$20$$ |
$$3$$ | $$1/6$$ | $$30$$ |
$$4$$ | $$1/6$$ | $$8$$ |
$$5$$ | $$1/6$$ | $$50$$ |
$$6$$ | $$1/6$$ | $$120$$ |
-
$$$\mu=\sum_i p_i\cdot x_i=\dfrac{1}{6}\cdot10+\dfrac{1}{6}\cdot20+\dfrac{1}{6}\cdot30+\dfrac{1}{6}\cdot8+\dfrac{1}{6}\cdot50+\dfrac{1}{6}\cdot120$$$ $$$\mu=\dfrac{238}{6}=39,67$$$
-
The variance is calculated first: $$$\sigma^2=\sum_i x_i^2\cdot p_i - \mu^2=\dfrac{1}{6}(10^2+20^2+30^2+8^2+50^2+120^2)-39,67^2$$$
variance $$\rightarrow \sigma^2=1486,95$$
standard deviation $$\rightarrow \sigma=38,56$$
Solution:
Result of the dice | probability | payoff |
$$1$$ | $$1/6$$ | $$10$$ |
$$2$$ | $$1/6$$ | $$20$$ |
$$3$$ | $$1/6$$ | $$30$$ |
$$4$$ | $$1/6$$ | $$8$$ |
$$5$$ | $$1/6$$ | $$50$$ |
$$6$$ | $$1/6$$ | $$120$$ |
-
$$\mu=\dfrac{238}{6}=39,67$$
-
variance $$\rightarrow \sigma^2=1486,95$$
standard deviation $$\rightarrow \sigma=38,56$$