Explain expected value for probability distribution.
The National Basketball Association (NBA) records a variety of statistics for each team. Explain two of these statistics are the percentage of field goals made by the team plus the percentage of three-point shots made by the team. For a portion of the 2004 season as well as the shooting records of the 29 teams in the NBA showed the probability of scoring two points by making a field goal was .44 and the probability of scoring three points by making a three point shot was 0.34.
a) Explain what is the expected value of a two point shot for these teams?
b) Explain what is the expected value of a three point shot for these teams?
Explain if the probability of making a two point shot is greater than the probability of making a three point shot why do coaches permit some players to shoot the three point shot if they have the opportunity? Use expected value to describe your answer