What is meant by expected value? How is it calculated?
What will be an ideal response?
An expected value is the average value of an event. Expected value is equal to the sum of all possible outcomes or values, each weighted by its probability of occurring.
Economics
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The meaning of interdependence in a monopolistically competitive market is
A) that it is difficult for firms to get together to collude. B) that products produced by firms will be good substitutes. C) that firms will not take into account the reaction of rival firms. D) that price rigging commonly occurs.
Economics
What is one way to avoid money illusion?
What will be an ideal response?
Economics