Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

I would like more clarity on probability and expected value. I can get the answer of expected value (Using the formula) , but I don’t quite understand the meaning behind it. I have left this example from wikipedia and would like if somebody can explain this in further detail (Sort of like expected...

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?

Hey, check out these auctions: Cool, arent they?