Expected Value and integration

In summary: The integral of the pdf over all possible values of x must equal 1, but that does not mean that E(x) must equal 1. In summary, to find the expected value of X, we integrate the pdf over the relevant interval [0.5, 1], resulting in a value of 0.625. This means that, on average, we can expect 0.625 of the 15 observations to lie in the interval [0.5, 1].
  • #1
rhyno89
21
0

Homework Statement



Suppose that 15 observations are chosen at random for the pdf f(Y) = 3y^2 on the interval 0 to 1. Let X denote the number that lie in the interval (.5,1). Find E(X)

Homework Equations





The Attempt at a Solution



Ok so to get the expected value u integrate the pdf times the random variable.
Doing this is the integral 3y^3 and it turns to .75y^4

This is where I get confused. First of all I thought that it would have summed to 1 so that the number of X on that range would be 15, but it can't be it would be 11.25

Aside from that, to find the number over this range i kno is 15x the expected value but i can't figure out the bounds. Is it the value of 0,1 - the value of .5,1 or something else all together

Thanks in advance
 
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  • #2
rhyno89 said:

Homework Statement



Suppose that 15 observations are chosen at random for the pdf f(Y) = 3y^2 on the interval 0 to 1. Let X denote the number that lie in the interval (.5,1). Find E(X)

Homework Equations





The Attempt at a Solution



Ok so to get the expected value u integrate the pdf times the random variable.
Doing this is the integral 3y^3 and it turns to .75y^4

This is where I get confused. First of all I thought that it would have summed to 1 so that the number of X on that range would be 15, but it can't be it would be 11.25

Aside from that, to find the number over this range i kno is 15x the expected value but i can't figure out the bounds. Is it the value of 0,1 - the value of .5,1 or something else all together

Thanks in advance
Try to be more consistent in your use of variables. You are using x and y interchangeably, and that's bound to lead to confusion.

[tex]E(x) = \int_{0.5}^1 3x^2 dx[/tex]

You got the right antiderivative, but you should be working with a definite integral. Since you're concerned only with the interval [0.5, 1], you should expect the expected value to be a number somewhere in that interval.
 

1. What is Expected Value?

The Expected Value is a mathematical concept used to calculate the predicted value of a random variable. It is the sum of all possible outcomes of a variable multiplied by their respective probabilities.

2. How is Expected Value calculated?

The Expected Value is calculated by multiplying each possible outcome of a variable by its probability and then summing up all of these values. The formula for Expected Value is: E[X] = ΣxP(x), where E[X] is the expected value, x represents each possible outcome, and P(x) is the probability of that outcome.

3. What is the significance of Expected Value?

Expected Value is an important concept in statistics and decision making. It allows us to predict the average outcome of a random variable and make informed decisions based on this information. It is also used in risk assessment and financial analysis.

4. What is integration in relation to Expected Value?

Integration is a mathematical process used to calculate the area under a curve. In the context of Expected Value, integration is used to calculate the probabilities of continuous variables, such as in the case of a normal distribution. It allows us to find the Expected Value of a continuous variable with greater accuracy.

5. How is Expected Value used in real-world applications?

Expected Value is used in various fields, including finance, economics, and insurance, to analyze risks and make decisions. For example, insurance companies use Expected Value to calculate premiums based on the probability of a certain event occurring. In finance, Expected Value is used to assess the potential return and risk of different investment options.

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