Answer:
The expected value of a discrete random variable X, symbolized as E(X), is often referred to as the long-term average or mean (symbolized as μ). This means that over the long term of doing an experiment over and over, you would expect this average. For example, let X = the number of heads you get when you toss three fair coins. If you repeat this experiment (toss three fair coins) a large number of times, the expected value of X is the number of heads you expect to get for each three tosses on average.
To find the expected value, E(X), or mean μ of a discrete random variable X, simply multiply each value of the random variable by its probability and add the products. The formula is given as
Here x represents values of the random variable X, P(x), represents the corresponding probability, and symbol represents the sum of all products xP(x). Here we use symbol μ for the mean because it is a parameter. It represents the mean of a population.
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