Refer to the Following Table Showing the Probability Distribution of Payoffs

question 49

Multiple Choice

Refer to the following table showing the probability distribution of payoffs from an activity to answer the question below: $$\begin{array} { c c c } \text { Units } & \text { Payoff } & \text { Prabability } \\\hline 1 & \$ 30 & 10 \% \\\mathbf { 2 } & 40 & 25 \% \\3 & 60 & 30 \% \\4 & 50 & 20 \% \\5 & 10 & 15 \% \\\hline\end{array}$$ What is the expected value?

• A)16.5
• B)28
• C)36.5
• D)42.5
• E)49

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Definitions:

Public Policy

Government policies designed to address public issues and create laws and actions to achieve desired outcomes for society.

Political Trust

Refers to the confidence and faith that citizens have in their political system and its institutions.

United States

A country in North America consisting of 50 states and a federal district, known for its democratic government and multicultural population.

Random Sample

A method of selecting a sample from a statistical population in such a way that every possible sample has a predetermined probability of being selected.