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Author Question: Suppose a slot machine has an expected payout of .95 cents on the dollar, meaning for every dollar ... (Read 65 times)

armygirl

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on: Jul 24, 2018
Suppose a slot machine has an expected payout of .95 cents on the dollar, meaning for every dollar you play, you get 95 cents back. What is your expected value for the amount lost per dollar played on this machine?
 a. 0.95
  b. -0.05
  c. -1.00
  d. The entire jackpot, if you play long enough.

Question 2

Suppose 5 of the people who buy a certain type of DVD player return it to get their money back. The DVD player costs 100 . What is the expected loss, per customer, for the company due to returns (ignoring the monetary value of the returned DVD player)?
 a. 5
  b. 0; most people don't return it
  c. Either 0 or 100, but it is impossible to determine which.
  d. 100


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coyin

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Reply #1 on: Jul 24, 2018
Answer to Question 1

B

Answer to Question 2

A


armygirl

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Reply 2 on: Jul 24, 2018
Thanks for the timely response, appreciate it

6ana001

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Reply 3 on: Yesterday
Wow, this really help

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