Find the Expected Value

question 132

Multiple Choice

Find the expected value.
-Suppose you pay $2.00 to roll a fair die with the understanding that you will get back $4.00 for rolling a 4 or a 1, nothing otherwise. What is your expected net winnings?

• A)-$2.00
• B)$4.00
• C)$2.00
• D)-$0.67

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Definitions:

Maslow's Hierarchy

A theory proposed by Abraham Maslow outlining a hierarchy of human needs, from basic physiological needs to self-actualization, suggesting that higher needs become motivational only after lower needs are satisfied.

Higher Needs

Advanced psychological needs such as self-actualization and esteem needs, following basic physiological and safety needs in Maslow's hierarchy.

Lower Needs

Basic physiological and safety requirements in Maslow's hierarchy, essential for an individual's survival.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person, and the uniqueness of each individual's experience, focusing on personal growth and the concept of self-actualization.