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Author Question: A game is said to be fair if the expected value for winnings is 0, that is, in the long run, the ... (Read 40 times)

haleyc112

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on: Jul 25, 2018
A game is said to be fair if the expected value for winnings is 0, that is, in the long run,
  the player can expect to win 0. Consider the following game.
 
  The game costs 1 to play
  and the winnings are 5 for red, 3 for blue, 2 for yellow, and nothing for white. The
  following probabilities apply. What are your expected winnings? Does the game favor the
  player or the owner?
  Outcome Probability
  Red .02
  Blue .04
  Yellow .16
  White .78

Question 2

When 100 engines are shipped, all of them are free of defects.
 
  A) At least one of the engines is defective. B) All of the engines are defective.
  C) At most one of the engines is defective. D) None of the engines are defective.


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blazinlyss

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Reply #1 on: Jul 25, 2018
Answer to Question 1

The expected winnings are -0.46. the game is not fair, and it favors the owner of the game.

Answer to Question 2

A


haleyc112

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Reply 2 on: Jul 25, 2018
Gracias!

gcook

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Reply 3 on: Yesterday
Excellent

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