Random Variables and Discrete Probability Distributions

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Raffle Example • A raffle has four prizes, a first prize of $500, a second prize of $200, two third prizes of $50, <strong>and</strong> three fourth prizes of $10. Suppose 1000 tickets are sold for $1 each. • Create the discrete probability distribution for someone who purchases one ticket for this raffle.
Raffle Example • Although there are four prizes, there are five five possible outcomes �� Win First prize of $500 �� Win Second prize of $200 �� Win Third prize of $50 �� Win Fourth prize of $10 �� Not winning one of these prizes, “winning winning” $0
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Random Variables and Discrete Proba
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Random Variable • A random variab
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Random Variable • A discrete rand
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Random Variable • A continuous ra
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Probability Distribution for a Disc
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What is the probability distributio
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Page 59 and 60: Requirements for a probability dist
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Page 63 and 64: Did you notice that if the examples
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Page 67 and 68: Notation • For clarity, we will u
Page 69 and 70: Does the table below represent a pr
Page 77: Probability Histogram • As with a
Page 81 and 82: Raffle Example • Since not not wi
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Page 89 and 90: Raffle Example • Finally, we comp
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Page 93 and 94: Raffle Example • We do not need t
Page 95 and 96: Raffle Example • Winnings Winning
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Page 105 and 106: Raffle Example • Note: The point
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Page 111 and 112: Expected Value for a Discrete Rando
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Page 125 and 126: What is the expected value for the
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What is the expected value for the
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What is the expected prize for our
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What are the expected winnings for
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For our raffle example, can we use
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Variance and Standard Deviation for
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What is the standard deviation for
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Variance and Standard Deviation for
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Random Variables and Discrete Probability Distributions

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