Q: The payouts for the Powerball lottery and their corresponding odds and probabilities of occurrence are shown below. The price of a ticket is 1.00 Find the mean and the standard deviation of the payout?

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Mean and Standard Deviation

If a random variable (RV) X is distributed Normally with mean m and standard deviation sthenZ = (X - m)/s is the corresponding Normal variable which is distributed with mean 0 and variance 1. The distribution of X is difficult to compute but that for Z is readily available. It can be used to find the probabilities of the RV lying in different domains and thereby for testing hypotheses.

Anything that is normally distributed has certain properties. One is that the bulk of scores will be near the mean and the farther from the mean you are, the less common the score. Specifically, about 68% of anything that is normally distributed falls within one standard deviation of the mean. That means that 68% of IQ scores fall between 85 and 115 (the mean being 100 and standard deviation being 15) AND 68% of adult male heights fall between 65 and 75 inches (the mean being 70 and I am estimating a standard deviation of 5). Basically, even though the means and standard deviations change, something that is normally distributed will keep these probabilities (relative to the mean and standard deviation). By standardizing these numbers (changing the mean to 0 and the standard deviation to 1) we can use one table to find the probabilities for anything that is normally distributed.

The Normal probability distribution is defined by two parameters: its mean and standard deviation (sd) and, between them, these two can define infinitely many different Normal distributions. The Normal distribution is very common but there is no simple way to use it to calculate probabilities. However, the probabilities for the Standard Normal distribution (mean = 0, sd = 1) have been calculated numerically and are tabulated for quick reference. The z-score is a linear transformation of a Normal variable and it allows any Normal distribution to be converted to the Standard Normal. Finding the relevant probabilities is then a simple task.

None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0

Related questions

Mean and Standard Deviation

If a random variable (RV) X is distributed Normally with mean m and standard deviation sthenZ = (X - m)/s is the corresponding Normal variable which is distributed with mean 0 and variance 1. The distribution of X is difficult to compute but that for Z is readily available. It can be used to find the probabilities of the RV lying in different domains and thereby for testing hypotheses.

If a random variable X has a Normal distribution with mean m and standard deviation s, then z = (X - m)/s has a Standard Normal distribution. That is, Z has a Normal distribution with mean 0 and standard deviation 1. Probabilities for a general Normal distribution are extremely difficult to obtain but values for the Standard Normal have been calculated numerically and are widely tabulated. The z-transformation is, therefore, used to evaluate probabilities for Normally distributed random variables.

Anything that is normally distributed has certain properties. One is that the bulk of scores will be near the mean and the farther from the mean you are, the less common the score. Specifically, about 68% of anything that is normally distributed falls within one standard deviation of the mean. That means that 68% of IQ scores fall between 85 and 115 (the mean being 100 and standard deviation being 15) AND 68% of adult male heights fall between 65 and 75 inches (the mean being 70 and I am estimating a standard deviation of 5). Basically, even though the means and standard deviations change, something that is normally distributed will keep these probabilities (relative to the mean and standard deviation). By standardizing these numbers (changing the mean to 0 and the standard deviation to 1) we can use one table to find the probabilities for anything that is normally distributed.

What is mean deviation and why is quartile deviation better than mean deviation?

mean= 100 standard deviation= 15 value or x or n = 110 the formula to find the z-value = (value - mean)/standard deviation so, z = 110-100/15 = .6666666 = .6667

Information is not sufficient to find mean deviation and standard deviation.

mean deviation =(4/5)quartile deviation

The Normal probability distribution is defined by two parameters: its mean and standard deviation (sd) and, between them, these two can define infinitely many different Normal distributions. The Normal distribution is very common but there is no simple way to use it to calculate probabilities. However, the probabilities for the Standard Normal distribution (mean = 0, sd = 1) have been calculated numerically and are tabulated for quick reference. The z-score is a linear transformation of a Normal variable and it allows any Normal distribution to be converted to the Standard Normal. Finding the relevant probabilities is then a simple task.

None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0None.The mean of a single number is itself.Therefore deviation from the mean = 0Therefore absolute deviation = 0Therefore mean absolute deviation = 0

The mean average deviation is the same as the mean deviation (or the average deviation) and they are, by definition, 0.

No. The average of the deviations, or mean deviation, will always be zero. The standard deviation is the average squared deviation which is usually non-zero.