Probability with weights.Each percent assocaited with cost

If finding a thing associated with cost(weight) for each divided probability. How to calculate overall cost for finding..

Ex:
0.4 Probability --- $0
0.2 Probability --- $5
0.3 Probability --- $7
0.1 Probability --- $13
Whats the overall cost associated for finding thing.


Any help is highly appreciated.

love_densie said:

If finding a thing associated with cost(weight) for each divided probability. How to calculate overall cost for finding..

Ex:
0.4 Probability --- $0
0.2 Probability --- $5
0.3 Probability --- $7
0.1 Probability --- $13
Whats the overall cost associated for finding thing.


Any help is highly appreciated.

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What is the definition of "expected value" in statistics?

Thanks for reply ..

Are you saying, it is something to do with sample mean.(I am not much good at math).

In that case,

(4*0+2*5+3*7+1*13) / 10 = 44/10 = 4.4

But the answer is 6.0, How come??

It's my understanding that you have x, and the prob of (x). you have to determine what the x is - usually the price.

$0, 5, 7, 13

p(x) is the percentages.

i think you multiply the p(x) times x for each value of x and then add the sum of it all to give you the weighted average. i hope someone else reads this just in case it's not correct!