Examlex
Square the quantity and simplify the result, if possible.
Posterior Probabilities
Refers to the probabilities of events occurring after taking into consideration new evidence or information.
Expected Monetary Value
A calculated average of all possible outcomes under uncertainty, considering the probabilities and impacts of those outcomes.
Optimal Act
The best possible action or decision in a given situation, often based on maximizing efficiency or effectiveness.
Expected Value
The long-term average value of a random variable over many repetitions of an experiment.
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