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ScotlandApplications of MathematicsQuick questions
Planning and Decision Making
Quick questions on Expected value and decision making - SQA Higher Applications of Maths
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
An option gives with probability and with probability . Find its expected value. [2 marks]
What is q2?Show answer
Option A has expected profit , option B . On expected value alone, which is chosen? [1 mark]
What is q3?Show answer
Two options both have expected value , but one is certain and the other ranges from to . Why might a cautious person prefer the certain one? [2 marks]
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