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Author Question: Suppose a mathematician computed the expected value of winnings for a person playing each of seven ... (Read 68 times)

Tirant22

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on: Aug 1, 2018
Suppose a mathematician computed the expected value of winnings for a person playing each of seven different games in a casino. What would you expect to be true for all expected values for these seven games?
 
  What will be an ideal response?

Question 2

List the two requirements for a probability histogram. Discuss the relationship between the sum of the probabilities in a probability distribution and the total area represented by the bars in a probability histogram.
 
  What will be an ideal response?


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Briannahope

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Reply #1 on: Aug 1, 2018
Answer to Question 1

The expected values would be negative for the person playing, as the casinos are designed to make money.

Answer to Question 2

The sum of the probabilities in a probability distribution must be 1 and each individual probability must be between 0 and 1, inclusive. The total area of the bars in a probability histogram is 1.


Tirant22

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Reply 2 on: Aug 1, 2018
Wow, this really help

Dnite

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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