Solution-Explain the concept of expected value

Explain the concept of expected value

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Question: In 2004, 70% of children in the United States were living with both parents, 23% were living with mother only, 3% were living with father only, and 4% were not living with either parent (https://www.census.gov/prod/2008pubs/p70-114.pdf, p. 4).

a. What is the expected value for the number of parents that a randomly selected child was living with in 2004?

b. Does the concept of expected value have a meaningful interpretation for this example? Explain.

Reference no: EM131727136

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Explain the concept of expected value

Reference no: EM131727136

Reference no: EM131727136

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