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Technician A says a vernier caliper can measure inside diameter and outside diameter. Technician B says measurements in auto industry are commonly made in hundredths of an inch. Who is right?
Expected Value
Probability-weighted average of the payoffs associated with all possible outcomes.
Expected Returns
The average return an investor anticipates receiving from an investment, taking into account the probability of different outcomes.
Probability
A measure of the likelihood that an event will occur, often expressed as a number between 0 and 1, where 0 means impossibility and 1 indicates certainty.
Expected Income
The forecasted amount of money that an individual or entity anticipates receiving over a certain period.
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