How To Calculate Expected Value

[@TheOrganicChemistryTutor]

Statistics - Video Lessons: www.video-tutor.net/statistic.html

[@kylekuhling7793]

You are literally my saviour. Time and time again. For different classes. Different Levels. Thank you.

[@davelovell8631]

For those also confused about if it should be $400, I think he must have intended to say "If she wins, she gets a $500 prize and they cancel her $100 cost of playing

[@arthurrealisanjr.4144]

I was about to say this

[@arthurrealisanjr.4144]

It's really rare for this guy to make mistake, I guess even pros make mistakes like us

[@nae7988]

Everyone makes mistakes, even machines.

[@mysteriouslywierd279]

So it should be $400

[@throxx5440]

It is not , because it weighs not because only on Value not also by Probability, Value is Relative to Probability.

[@mayetbonquin]

I'm not skipping your ads and I subscribed too ,to show my gratitude to you! Thank God you exist!

[@rajamoorthy1969]

Beautiful explanation. No book explains the concept of Expected value the way you did in a simple and elegant way. Thanks

[@munequa81]

Studying 5 minutes before my exam, thank you!!!

[@ethancampbell9096]

This man carried me through calc 2. Now he's carrying me through algorithms. Idk what I'd do without him. LIFESAVER!

[@robertowisconetti2732]

Is there something this man doesnt know. Organic chem tutor is certainly the fking polymath of our generation

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I'm an italian student struggling with a math exam, I'm so thankful, for real God bless you and your work💪

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Thank you for being the reason I've passed so many classes that were challenging for me.

[@davidadewumi619]

It's just amazing how versatile you are

[@bibekanandabhattacharjee952]

I was struggling to understand this concept even after so many tries here and there but this video cleared by concepts. Thanks you very much @The Organic Chemistry Tutor

[@thetruthonly7329]

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[@nokadota5473]

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[@Tina.schramm]

Thanks!

[@RichroseAxelDiaz]

YOUR A LIFE SAVER! THANK YOU SO MUCH FOR BEING BORNN!

[@Anomin1s]

Would it make sense to use $400 for winnings considering it costs $100 to play? If she wins she only takes home $400. I really enjoy your videos btw!

[@hadjerrahmoune4829]

I was going to ask the same thing !

[@JohnnyJr396]

Maybe you have it now, just posting for others.Going by other explanations from other sites.... the 500 is the net gain . She would win 500 in addition to her 100 bet.

[@loll2355]

I thought the same thing

[@Duel53]

Yeah but the probability of you losing is very likely. So you’re more likely to lose money than gain.

[@igothisoncamera7205]

@@JohnnyJr396 she bought using the 100, she didnt bet with it?

[@erikmachado4489]

And yet again I can rely on my GOAT. This GOAT has taught me more than my entire time at college.

[@georgesadler7830]

MR. Organic Chemistry Tutor, this is an excellent explanation of How to Calculate Expected Value in Mathematics.

[@mariaangeliecacay6922]

this is a very clear explanation of how to compute expected value. so the only key is that it's either win or loss. in this video there's only three key being used. outcomes, value and probability... I never understood the video that my math prof. provided us for the lesson and let alone the textbook that I had so I have to watch video and I'm glad I found this one.. it was very helpful and easy to understand... I got A plus on my quiz. thanks to this video.

[@richardadamwais9734]

you are my most comprehensive tutor thank you so much I really appreciate you the way you make clear ❤🙏

[@KeyserTheRedBeard]

exceptional content The Organic Chemistry Tutor. I crushed that thumbs up on your video. Continue to keep up the amazing work.

[@JacobGravesen]

And now I'm sitting here wondering why I thought it was so complicated. Thanks for making it really understandable man!

[@indranim7268]

Yup😀

[@CarlosSandoval-jh6uj]

Fr this dude is such a good human.

[@katarinahledejelen5061]

Hey, this is just a warning but the problem has an odd wording and would (in my opinion) have to be + 400 and - 100 for the two outcomes. Because if you stake 100 $ and win 500 then the net benefit is 400 $ and not 500. This also makes sense because playing the game and losing, the net loss is 100, so the net gain should also account for that. It is just the wording of the problem, wonderful video tho

[@moaazabukhalaf5750]

You're completely right. That is exactly what I noticed.

[@tamboolivier1696]

Life is boring without you.

[@info_1941]

Very nice ... clear explanation and the pacing was great. Thanks!

[@edutechab]

Brilliant explanation. Straight to the point

[@animegeek-011]

His lessons have never failed me

[@dalisabe62]

If she plays 20 games and her expected value for wining on each game she plays is $20, then she wins $400, but she doesn’t play for free--she pays a $100 every time she plays. So in that case, she appears to have won $400 but also lost $2000! Did she really win? Unless of course, the cost of playing is factored into the calculation of the expected value. In such case, she could indeed win $400 in theory. This problem needs further clarification. As for the laptop scenario, this must be a horrible business. The company margin of profit is too low. If the average salary of a worker is $2,500 a month, it takes the company manufacturing more than a 100 laptops to pay only one of its employees! Anyway, that was a side note that has nothing to do with the subject. The expected value though should be described as to represent not just the winning scenario, but also the losing scenario. Both scenarios are called the expected value. Great job!

[@NessaVanessa11]

You are such an awesome teacher. Thanks!

[@tombert512]

As an avid comic-sans user myself, it makes me happy to see it used here.

[@詩恩-z5q]

best youtube video ever supperrr recommended

[@MathemaTeach]

I just taught this in my Geometry Class where we used circle (like a spinner) to find the expected value. 👍

[@josephlau13d77]

no. Real geometry is algebraic geometry and differential geometry, with spinors, tensors etc

[@coonnaarr1984]

The number of Panic attacks you have saved me from a week before my Exam is unreal!

[@morganwilliams5293]

So helpful for me !! Thank you

[@Costel9596]

Thank you for the explanation !

[@dylanbrosseau9773]

I have nobody but you to thank for my degree.

[@fancykitty8996]

Thank you So much this was very helpful!

[@sovietwizard1620]

I beleive the smaller the games, the money is harder to calculate (it might be way more off than 200), but if you have 1000 games then it would be around 20*1000 like you said.

[@nhuluong4550]

you saved my life

[@pkumar256]

Can you explain, why is it the expected value of winning? Why not the expected value of loosing. Since both shall be calculated in similar fashion.

[@sepehrrafiei509]

in the first question you need to subtract the cost to play from the win: $500-$100 = $400

[@xoukas]

Love you bro!

[@chadaebennett7040]

THANK YOU SO SO SO SO MUCH!!!

[@sharmisthadeysarkar2976]

Really helpful ❤️

[@lucien5112]

For the value of the first game, since it costs $100 to play, wouldn't the value be $400?

[@dimitriysevryukov1629]

Thank you very much !

[@stivcabs1381]

you are great! thanks.

[@thefrogfather5492]

Not the method shown in class but the method I will be using non the less

[@eliciagarcia3601]

my brain has a hard time understanding math. why are we multiplying the value by the probability? (instead of ADDING the value to the probability for example). Like what does multiplying them do? I need this problem broken down into more detail because I have difficulty with basic mathematics. Now I understand how to solve this problem but I don't fully understand WHY we solve it this way. I just understand how to plug in the formula.

[@eliciagarcia3601]

Like what does multiplying a decimal do? I need that part explained in detail. I dont get whats happening when we multiply five hundred dollar value by its twenty percent probability.

[@yosbo9060]

@@eliciagarcia3601 It's essentially just a weighted average. You multiply the 500 by how often it occurs (0.80) to give it a "weight" of 80%. -100 occurs only 20% of the time, so you multiply it by 0.20. Once you add the two values together, you get an average. 80% of your new average comes from the $500, and just 20% of it comes from the -100. You could contrast this with the way you're probably used to taking averages. 500 +(-100) / 2. This just means that 50% of the time it is 500, and the other half of the time it's -100. Dividing by 2 is the same as multiplying by 0.50, so the whole expression can be rewritten as 500(0.50) + (-100)(0.50). Note how this is the same as the presented problem, just with even weight distribution.

[@paweborkowski6959]

So if this was done correctly ($400 win, 500-100), then we expect to win... $0. Great game.

[@matthewbrennan3127]

So basically these are statistical weights?

[@ElifArslan-l9g]

Thank you so much

[@giisle]

i love u so much ty !!!

[@sovietwizard1620]

I like your voice in the video

[@kennstack01]

Could you please tell the name of the Software you use for writing on the Screen like this ?

[@cclemon2531]

is the first question means that if she win the game she no need to pay the 100 cost? cuz if she have to play the game suppose she have to pay 100, after all she will only receives 400 although she win

[@kaitheguy6504]

He sounds exactly like my stats teacher

[@soasoc4380]

did he talk about PMF for discrete random variables in any of his videos?

[@onlineshop98-e1y]

thank youuuu

[@lancesamonte3852]

uhm do you have a tutorial video for solving calculated value in a quartile?

[@banana3172]

How do you calculate the probabilities of each value?

[@yunsishui]

so whenever you do the business, the profits are always be your side

[@yangacho]

How would you do this problem: ur part of a raffle: 1. 20 entries for 20 dollars 2. 40 entries for 35 dollars 3. 60 entries for 100 dollars -- what is the expected value per entry? Next: what is distribution is 25% of option 1 and 25% of option 2 and 50% of option 3-- what is the expected value of option 2?

[@ashtynlea5178]

mark walburg teaching me math

[@Josama0214]

This isn't math?

[@chandimarajapaksha2496]

god this is this good

[@joanalegrecanton1574]

That is not an expectation. You are representing the conditional expectation function, which is really different. Conditional expectation function is a function, expectation is a value. Really different.

[@user-oe4wy2fg3e]

I don't know why I'm watching this video, my school year ended on May 22.

[@GhostSamaritan]

Learning doesn't stop at graduation.

[@jeremiahjohnson05]

Dude, I love getting stat's lessons from Marky-mark.

[@majestic7768]

Is $100 the cost of playing the game?

[@wasanalharbi9264]

Amazing

[@bryangallardo5048]

Hey, you made a mistake on the video and my OCD is killing me. If She wins on average 20% or simplified 1 game every 5 times. This means she spends 100$ a game or 500$ for 5 games just to win once. Therefore, she spends 500$ to win 500$ back that 5th game.

[@elijahmuraoka]

Legend

[@pycat141]

Don't we have to calculate 100$ of initial cost to play separate from chances to lose? Doesn't she earn 500$-100$=400$ in case of victory and always lose her initial 100$ irregarding the outcome of the game?

[@lavalamp5911]

This is wrong no? For the first example, if she loses she is down 100 bucks, but if she wins she is up 500 bucks *less* the 100 bucks she spent to play. So the calculation would be 400(0.2)-100(0.8) which is zero. She's not winning or losing anything from the game.

[@billylamara]

Thanks for the good explanation m8, I was in doubt too

[@fredh3152]

beautiful

[@sovietwizard1620]

As good as khanacademy

[@Mohann.]

Clutch my gosh

[@fongodjerome3532]

Guys follow concept only not to correct

[@OneHypeMarketing]

incorrect wording of both of the problems.

[@melophayle8595]

second comment

[@akezhanrakishev9304]

Accept my knee

[@sharangkulkarni1759]

Wrobg explanation

[@kabijoshi5949]

This video is for a child of 7 year old in 2023. Please upgrade.

[@ravichandrakumarchouturi1900]

man who are you .......

[@chrismedina6331]

Whoever came up with this stupid formula is a genius because people actually believe in this crap

[@thecoolgamer4842]

you talk to much shhhhhhhhhhhhhhhhh shesh