Please check out this new song by myself and Joe Turone! I am a 15 year old singer / songwriter and Joe is a 17 year old rapper / songwriter and we are both from the UK. Please help us out with our new channel by subscribing and be sure to watch out for more! Thanks :)
have you published a book yet? I wanna buy your book and where did you get your studying materials? I'm currently studying to be an actuary, my studying materials such so much that make very little sense, can you help? thanks
I'm looking for creative ways to express the expectancy-value theory of motivation for a graduate class in adult learning. I just might use this! Math is not at all what I initially had in mind, but I love this and think I can spin it to work for my project. Thanks!
Could you possibly help me with a stats question???
Mary has a free token to play a game. The probability that Mary will win the game is 0.05, so the probability that she will not win is 0.95. If Mary wins, she will be given $100, while if she loses, she must pay $5. Let X = the amount of money Mary wins (or loses).
I think that X= -1, P(X)= 1 is not a valid variable, because I'll have -$1 if the outcome is 0, as I'll win $1 if the outcome is 2. Two different descriptions cannot stand for the variable X, which is NOT (as stated on the experiment) how much money will I win, but simply what is the outcome that falls on the spinner. Otherwise, we would have to change all the other X variables. So, the expected value would be 15/8 = 1.875, instead of 7/8.
@Agilulfa Actually, to make the piece of information "It only costs $1 to play" relevant, we would have to change all the variables, to make X stand for the amount of money one would win, but again, (-1, 1) would not be valid. Instead, the values would be: X= {-1, 0, 1, 9}, and P(X)= {1/2, 1/8, 1/4, 1/8}, and the expected value of X would be = (-1)(1/2)+(0)(1/8)+(1)(1/4)+(9)(1/8) = 7/8, which is the same answer given, but justified enough, and for how much one would win, not for...
wow, from just watching the first couple of minutes of this, i understood what to do. this whole week in class i have been confused out of my mind. THANK YOU
this was very good thank you alot i am majoring in economics im in my first year and statistics has me lost without words but u did a great job thank you alot
@patrickJMT but you still would have lost $100 to gain back that $87.50. why on earth would I want to play this knowing in the long run I'd end up loosing $0.125 each game
@logimage2 Taking into account my other commentary (9 months later than these ones), I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis, but I guess she's not interested anymore...
@patrickJMT I see what The100mis is saying, it really seems like you would be losing money every round. spend $1 to win .875 each round is losing .125. Can you explain this?
@yoshiyambao Taking into account my other commentary, I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis...
@patrickJMT Taking into account my other commentary (9 months later than these ones), I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis, but I guess she's not interested anymore...
@blackstars56 I assume you mean the probability with the amount you win, correct? He's going by the area of a unit circle. In this case, the probability of winning $2 is around 1/4, or 25%. If you cut a circle up in 4 equal parts you'll get it. Same can be said about earning $0 is another 1/4 but there's two parts so that can be 2/4 or 1/2.
Even so there's only 4 different options of money you can win. $0, 1, 2, and 10.
Patrick, thank you so very much for ALL the videos that you have posted. They have been very informative, and I feel confident that I will do great on my Advanced Stats exam thanks to you. You rock! :)
I just want to say thank you very much for ALL the videos you post. They are very informative especially when you can't really understand where and how to use the different formulas. You have been very helpful, and I feel confident that I will do great on my Advanced Stats midterm thanks to you. Patrick, you are amazing! :) Thx!!!
Would it not make more sense to subtract one from each of the positive outcomes? While you will definatly lose $1, if you land on $2, you gain $2, so overall you win $1. So there would be a 50% chance you lose $1 overall, 12.5% chance you break even, 25% you win $1 etc. Also, I was taught the probilities should add up to 1.
I think you need to redefine your X random variable in the example, as the sum of the probabilities is higher than 1. Suggestion: X = winning, Y=paying. Profit=E(X)-E(Y)=0.875
but since 0 takes up 2/4 that means all the other numbers take up 2/4 and isn' that 50/50? I get what you mean but just a little question that i randomly thought of.
@LycanthrA hmm.. i somehow agree. i don't really use it in my daily living, unless i end up being a gambler? =) however, if it's being taught, i guess it's somehow important?
@ThisIsMe812 i bet almost every decision you make in life is really some variation of expected value. for example i mean, why not drop out of school? because the probability of getting a decent job goes up with an education. does one have to go to school to get a good job? of course not...
@ThisIsMe812 and besides, how much of what you learn in school do you use in 'daily living' ? having a job usually means having a skill and having it mastered better than others. if math is not gonna be your skill, that is fine, but for some, this is a skill that makes money! me for example... i make my living understanding math! so to me, it is extremely useful : )
@patrickJMT oh. i'm really sorry. i didn't mean an offense.
damn right. it's just that, well, i guess, hmm, i just dont want to confuse myself with those things. i can always go on with my life without calculating the expected value. weigh the pros and cons.like that, without computation.
@ThisIsMe812 i was not offended in the slightest. just pointing out that 99% of what you learn in school ends up being useless. people just seem to fixate on math though for some reason (i guess cause they have to think).
@patrickJMT with that, i agree. well, many students hate numbers. =) i've done reading about stat, well', largely because i was bothered by this. and i figured that stat really do us good. take convicting a felon, for example, just by finding probabilities!
thanks for ur video..but main problem in practical life is how can we find expected output and how can we assign weight? because Random number are not capable to bring real expected return. Most tough thing is finding expected outcome and giving them probability weight.........................
I dont understand why I am learning this in my college math class when the class I am taking is designed towards elem. students. Do elem kids need to know this?
Patrick, you say we would play the game but i feel otherwise. If for 100 games we can win approximately a total of $87.5 but to play a 100 game's we'll have to invest $100. Do you feel its worth it? Please explain Thanks.
I am in tutoring for the first time in my life because my college xfer from JC to UC depends on this stats class and my gpa (which is fine, except for math). I am really determined to do well in this class, and this video is great. I learned today in psych that if you go home and review the material the same day that you learned it in class, it will help you to retain it- so I can sit here and eat dinner while learning and solidifying my understanding. You're passing me through college!
@BlikeNave there have also been numerous studies done that show if you study/read something right before you go to sleep, it much more readily gets processed into your memory.
i used to always look at important stuff for about 10-15 minutes before sleep... you will find you are thinking about it while you lay there, which can be good and bad!
how about one where we are looking for the expected profit. example insurance policy is 600 amount it cost the company $1200 amount for each policy holder hospitalized. furthermore the have estimated that 85% of policy holders will not be hospitalized, 10% will be hospitalized once a year and no one will be hospitalized more than twice.
Why cant all teachers break it down like that? Im taking stats in college and my professor is horrible. He is all over the place and expects us to know too much already. Thanks a lot man. This really helps. 5/5
So I think you so do a follow up where you make the bell curve and calculate the Standard deviation. Use a problem simialar to this. or if you want this on since you already have the mean. I wonder would it follow the empirical rule?
to be honest, it has been a long time since i taught stats. i plan on making some vids over the summer (too late i know) about stats though. i need to refresh myself first though.
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Sid.
MusicBySidandJoe 3 days ago
Thank you. This helped me understand expected value the day before my final.
MrAwelshy 1 month ago
have you published a book yet? I wanna buy your book and where did you get your studying materials? I'm currently studying to be an actuary, my studying materials such so much that make very little sense, can you help? thanks
dfjndsk2008 2 months ago
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If you play 100 times, you'll get bored.
kylaxcry 2 months ago
If you play 100 times, you'll get bored.
kylaxcry 2 months ago
Can you take my final?
yuyupb 2 months ago 2
@yuyupb sure, but i would just draw pictures and not actually answer anything
patrickJMT 2 months ago 7
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Hi @patrickJMT so you were saying, if I play 100 times, after invested $100, I will have $87.50 in my pocket?
laucherhan 2 months ago
great job btw it really helped
mikeman147026 3 months ago
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prob and stats can suck my cock
mikeman147026 3 months ago
. . . . it takes an art to teach math. . . . .Sir you have master this art.
Srjuanando 4 months ago 2
@Srjuanando thanks : )
patrickJMT 4 months ago
very good.
thank you
alonspitz86 4 months ago
Awesome. Thanks so much! This seriously helped with studying for my test.
jentwe 4 months ago
thank you so much for your help on this! This makes so much more sense to me now!
seathurlow 4 months ago
i still don't understand this...
Vbuxton23 5 months ago
i swear if i hadnt seen this video i would of failed thanks i like how you dont make it sound confusing this vid should have a million views
sleepyandcool 5 months ago
Wow thank you so much!
96gfan 5 months ago
wow ur better as a techer than mine i like how you make it easy to understand
sleepyandcool 5 months ago
I'm looking for creative ways to express the expectancy-value theory of motivation for a graduate class in adult learning. I just might use this! Math is not at all what I initially had in mind, but I love this and think I can spin it to work for my project. Thanks!
GFofaUTubeJunkie 5 months ago
Could you possibly help me with a stats question???
Mary has a free token to play a game. The probability that Mary will win the game is 0.05, so the probability that she will not win is 0.95. If Mary wins, she will be given $100, while if she loses, she must pay $5. Let X = the amount of money Mary wins (or loses).
What is the expected value??
ryprate 5 months ago
I think that X= -1, P(X)= 1 is not a valid variable, because I'll have -$1 if the outcome is 0, as I'll win $1 if the outcome is 2. Two different descriptions cannot stand for the variable X, which is NOT (as stated on the experiment) how much money will I win, but simply what is the outcome that falls on the spinner. Otherwise, we would have to change all the other X variables. So, the expected value would be 15/8 = 1.875, instead of 7/8.
Agilulfa 6 months ago
@Agilulfa Actually, to make the piece of information "It only costs $1 to play" relevant, we would have to change all the variables, to make X stand for the amount of money one would win, but again, (-1, 1) would not be valid. Instead, the values would be: X= {-1, 0, 1, 9}, and P(X)= {1/2, 1/8, 1/4, 1/8}, and the expected value of X would be = (-1)(1/2)+(0)(1/8)+(1)(1/4)+(9)(1/8) = 7/8, which is the same answer given, but justified enough, and for how much one would win, not for...
Agilulfa 6 months ago
@Agilulfa ...which would be the outcome on the spinner.
Please, let me know if I'm wrong and why, because that (-1, 1) makes it confusing.
Agilulfa 6 months ago
you are a sweetheart....thanks for sharing your abilities
sacradictus 9 months ago
One step closer to not failing my Alg2 class. Thank you very much :o
VioletWolf24 9 months ago
I don't know you... but I love you.
AlzzyBalzzy 9 months ago
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Forgive you for your artistry? DUDE you are forgiven. You're a lifesaver! Thanks!
iamthe7thduke 9 months ago
Forgive you for your artistry? DUDE you are forgiven. You're a lifesaver! Thanks!
iamthe7thduke 9 months ago 3
Thanks
Great Video (Y) !
fahad1411 1 year ago
wow, from just watching the first couple of minutes of this, i understood what to do. this whole week in class i have been confused out of my mind. THANK YOU
TheOriginalPablo2 1 year ago
thank you very much Mr. Patrick
your lessons are much much better than my teacher's lessons !
the way you explain the details in a very simple way makes it easy to understand
thanks again
your student from saudi arabia :)
jamasyali 1 year ago
Great video. Thanks a lot.
gambart2002 1 year ago
this was very good thank you alot i am majoring in economics im in my first year and statistics has me lost without words but u did a great job thank you alot
ThickSaucebaby 1 year ago
thank you
scamanda098 1 year ago
This is AP CALC?!?!?! I'm learning this in Algebra 1!!! (and i'm starting to understand a bit)
Stirfry0 1 year ago
@Stirfry0 no, this is not ap calc
patrickJMT 1 year ago 3
i dont understand. If i bet $1 a game over 100 games thats $100 it cost to play, and if i only get 87.50 back????im down $12.50
The100mis 1 year ago
@The100mis you miss the point: you win $.875 on average, so after 100 games, you would be up about $87.50.
and of course, it IS possible to be down money (try going to a casino)
patrickJMT 1 year ago 4
@patrickJMT but you still would have lost $100 to gain back that $87.50. why on earth would I want to play this knowing in the long run I'd end up loosing $0.125 each game
logimage2 10 months ago
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@logimage2 Taking into account my other commentary (9 months later than these ones), I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis, but I guess she's not interested anymore...
Agilulfa 6 months ago
@patrickJMT I see what The100mis is saying, it really seems like you would be losing money every round. spend $1 to win .875 each round is losing .125. Can you explain this?
yoshiyambao 6 months ago
@yoshiyambao Taking into account my other commentary, I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis...
Agilulfa 6 months ago
@patrickJMT Taking into account my other commentary (9 months later than these ones), I think there's confusion over what X stands for. If it standed for what one would WIN, not HAVE, and the expected value of X = $0.875, then, after 100 games, one would win $87.50, and one would have $187.50. That could have made it clearer for The100mis, but I guess she's not interested anymore...
Agilulfa 6 months ago
@patrickJMT i believe what ur saying is.. gambling is a loosing game..unless u got lucky..but this game...a "low risk game" ?
sleepyduck 5 months ago
@patrickJMT so you were saying, if I play 100 times, after invested $100, I will have $87.50 in my pocket?
laucherhan 3 months ago
@laucherhan I think the 1 dollar you spend in each game is already factored in calculating the E(X)
sasuke4fan 1 week ago
Thank you very much!!! I really appreciate this video!! It's helping me out with a different kind of example. Thanks again!
Eqfreak1989 1 year ago
AP CALC exam? statistics? I'm only a freshman and learned that. . 0-o
12BeachGal34 1 year ago
Why us it 1/4?? There are 5 outcomes, shouldn't it be 1/5????
blackstars56 1 year ago
@blackstars56 I assume you mean the probability with the amount you win, correct? He's going by the area of a unit circle. In this case, the probability of winning $2 is around 1/4, or 25%. If you cut a circle up in 4 equal parts you'll get it. Same can be said about earning $0 is another 1/4 but there's two parts so that can be 2/4 or 1/2.
Even so there's only 4 different options of money you can win. $0, 1, 2, and 10.
KiddyBrucie15 1 year ago
@KiddyBrucie15 yeah i realised each part of the circle wasn't equal, thanks anyway
blackstars56 1 year ago
You sorted it for me - thank you very much for some amazing videos, you really are amazing with these.
birdsofafeather1990 1 year ago
I'm lost in Statistics. This helped a lot.
kmringel63 1 year ago 14
Patrick, thank you so very much for ALL the videos that you have posted. They have been very informative, and I feel confident that I will do great on my Advanced Stats exam thanks to you. You rock! :)
rosskar100 1 year ago
Hi Patrick,
I just want to say thank you very much for ALL the videos you post. They are very informative especially when you can't really understand where and how to use the different formulas. You have been very helpful, and I feel confident that I will do great on my Advanced Stats midterm thanks to you. Patrick, you are amazing! :) Thx!!!
rosskar100 1 year ago
Thank you so much!! :)
yosmuc 1 year ago
Would it not make more sense to subtract one from each of the positive outcomes? While you will definatly lose $1, if you land on $2, you gain $2, so overall you win $1. So there would be a 50% chance you lose $1 overall, 12.5% chance you break even, 25% you win $1 etc. Also, I was taught the probilities should add up to 1.
Weeeman5872 1 year ago 2
I think you need to redefine your X random variable in the example, as the sum of the probabilities is higher than 1. Suggestion: X = winning, Y=paying. Profit=E(X)-E(Y)=0.875
Martelo681 1 year ago
neat.
caviper1 1 year ago
but since 0 takes up 2/4 that means all the other numbers take up 2/4 and isn' that 50/50? I get what you mean but just a little question that i randomly thought of.
WinnieKongg 1 year ago
really good eg
387bilal 1 year ago
This is easy. Why does this need to be studied. People should know this by heart.
LycanthrA 1 year ago
@LycanthrA lol, what a silly comment to make
patrickJMT 1 year ago
@LycanthrA hmm.. i somehow agree. i don't really use it in my daily living, unless i end up being a gambler? =) however, if it's being taught, i guess it's somehow important?
ThisIsMe812 1 year ago
@ThisIsMe812 i bet almost every decision you make in life is really some variation of expected value. for example i mean, why not drop out of school? because the probability of getting a decent job goes up with an education. does one have to go to school to get a good job? of course not...
patrickJMT 1 year ago
@ThisIsMe812 and besides, how much of what you learn in school do you use in 'daily living' ? having a job usually means having a skill and having it mastered better than others. if math is not gonna be your skill, that is fine, but for some, this is a skill that makes money! me for example... i make my living understanding math! so to me, it is extremely useful : )
patrickJMT 1 year ago
@patrickJMT oh. i'm really sorry. i didn't mean an offense.
damn right. it's just that, well, i guess, hmm, i just dont want to confuse myself with those things. i can always go on with my life without calculating the expected value. weigh the pros and cons.like that, without computation.
ThisIsMe812 1 year ago
@ThisIsMe812 i was not offended in the slightest. just pointing out that 99% of what you learn in school ends up being useless. people just seem to fixate on math though for some reason (i guess cause they have to think).
patrickJMT 1 year ago
@patrickJMT with that, i agree. well, many students hate numbers. =) i've done reading about stat, well', largely because i was bothered by this. and i figured that stat really do us good. take convicting a felon, for example, just by finding probabilities!
ThisIsMe812 1 year ago
If a had a teacher like him in college , I would be now a Nobel price winner in maths.
Bravo - this is honnestly the way for teaching childs in a pleasant way. Bravo - Patricos Koronos
hendosilbo 1 year ago
thanks for ur video..but main problem in practical life is how can we find expected output and how can we assign weight? because Random number are not capable to bring real expected return. Most tough thing is finding expected outcome and giving them probability weight.........................
please tell us for that
nittinee 1 year ago
I dont understand why I am learning this in my college math class when the class I am taking is designed towards elem. students. Do elem kids need to know this?
Cadacusdeity90 1 year ago
Patrick, you say we would play the game but i feel otherwise. If for 100 games we can win approximately a total of $87.5 but to play a 100 game's we'll have to invest $100. Do you feel its worth it? Please explain Thanks.
sahil1985 1 year ago
I am in tutoring for the first time in my life because my college xfer from JC to UC depends on this stats class and my gpa (which is fine, except for math). I am really determined to do well in this class, and this video is great. I learned today in psych that if you go home and review the material the same day that you learned it in class, it will help you to retain it- so I can sit here and eat dinner while learning and solidifying my understanding. You're passing me through college!
BlikeNave 1 year ago
@BlikeNave there have also been numerous studies done that show if you study/read something right before you go to sleep, it much more readily gets processed into your memory.
i used to always look at important stuff for about 10-15 minutes before sleep... you will find you are thinking about it while you lay there, which can be good and bad!
patrickJMT 1 year ago
@patrickJMT Good to know. I'll watch ur vids right before I pass out then X] Thx!
BlikeNave 1 year ago
how about one where we are looking for the expected profit. example insurance policy is 600 amount it cost the company $1200 amount for each policy holder hospitalized. furthermore the have estimated that 85% of policy holders will not be hospitalized, 10% will be hospitalized once a year and no one will be hospitalized more than twice.
kounno 1 year ago
Ur a great teacher everytime I don't get something I go to you! Thank you.
guerrero987 1 year ago
thanks
maxheyden 1 year ago
sir u are a gift from God.
CharlesLNameWilson 2 years ago
thanks u really helped me with my math.
evanman5 2 years ago
my teacher can`t teach.. I just realised why it makes sense. this video is so helpful...thx
KFish613 2 years ago
Nice! You are a life savior!
bastet747 2 years ago
u r the man..
yasiths 2 years ago
very nice explanation
sunethn 2 years ago
Thank you so much, this really helped!
HISbeloved318 2 years ago
sooo helpful!
marniemarie1 2 years ago
Why cant all teachers break it down like that? Im taking stats in college and my professor is horrible. He is all over the place and expects us to know too much already. Thanks a lot man. This really helps. 5/5
justfilmit 2 years ago
I just realised why it makes sense... you have to keep on playing. Only rich people can afford to win at the casino...cos thay keep on playing!
terrywoodinc 2 years ago
That spinner is biased toward low dollar values ;P
MICHAELMEMISBACL 2 years ago
good explanation. thank you.
theonlyyadgirl 2 years ago
I took the AB test and I thought I did good when I took it but now I'm realizing I made so many dumb mistakes. :(
Great vid!
ZergFireX 2 years ago
hi I just took my test AP TEST lol i feel good about it how about you guys?
jemaya123 2 years ago
So I think you so do a follow up where you make the bell curve and calculate the Standard deviation. Use a problem simialar to this. or if you want this on since you already have the mean. I wonder would it follow the empirical rule?
evanmega 2 years ago
what math is this? calculus?
mini1028 2 years ago
It's probability theory.
Spiderboydk 2 years ago
lol yeah duh :3
it showed up on my IB math SL practice exam. very helpful!
mini1028 2 years ago
wish me good luck on my AP CALC exam..
Nazthehellraiser 2 years ago 4
I am with you, good luck, i also take it tomorrow!
truepal20032001 2 years ago
My school did something and I take it on the 21st
mini1028 2 years ago
goooooooooooooood luck! : )
patrickJMT 2 years ago
Thanks ..and thanks for everything..u are da best !!
Nazthehellraiser 2 years ago
ok about the you aced mine thing your really smart lol are you smart on other subjects though?
jemaya123 2 years ago
i took the ap calc bc exam today
i thought it was so frikin hard D:
LqFFREAKK 2 years ago
indeed !! it was tough
Nazthehellraiser 2 years ago
exactly, i couldnt get #6 on the non-calc FRQ no matter what, and nobody in my class got it
it was pretty darn hard!!!
mango0munky 2 years ago
SAME! all the people in bc calc class said the same =\ hopefully the curve will be very generous this year
LqFFREAKK 2 years ago
hmm, when are you suppose to learn about this?
INS1cells 2 years ago
not everyone will see this.... it is taught in just about any statistics class, and sometimes in a probability/discrete math class.
patrickJMT 2 years ago
any clue on how to do significance tests or will that be too long winded to explain in a video??
neethux 2 years ago
to be honest, it has been a long time since i taught stats. i plan on making some vids over the summer (too late i know) about stats though. i need to refresh myself first though.
patrickJMT 2 years ago
nice video
dkbmx85 2 years ago
thanks!
patrickJMT 2 years ago
PAT please make tutorial on simplex method of linear programming...
uncanny15 2 years ago
yes! please do.
howmanyvideos 2 years ago