Two balls are chosen randomly from an urn containing 8 white, 4 black, and 2 orange balls. Suppose that we win $2 for each black ball selected and we lose $1 for each white ball selected. Let X denote our winnings. What are the possible values of X and what are the probabilities associated with each value?
Compute the expected value E[X] of the random variable X defined in the previous question.