Statistics for Economics Winter 2020 Instructions: When you finish all problems, ask your TA to check your work. You are encouraged to work in groups but all written work must be your own. Problem 1 (Discrete/Binomial Random Variable). In a game of American Roulette, a player will make 20 consecutive bets on the same set of outcomes. She will place her bet on red numbers. Assume each outcomes of each spin are independent and the all outcomes of the roulette...
One of the wagers in the game of roulette is to place a bet that the ball will land on a red number. (Eighteen of the numbers are black, 18 are red, and two are green.) If the ball lands on a red number, the player wins the amount of his bet. If a player bets $5, find the player's expectation. (Round your answer to two decimal places.)
In the American version of the Game Roulette, a wheel has 18 black slots, 8 red slots and 2 green slots. All slots are the same size. In a carnival game, a person wagers $2 on the roll of two dice. A person can wager on either red or black. Green is reserved for the house. If a player wagers $5 on either red or black and that color comes up, they win $10 otherwise they lose their wager. What is the expected value of...
4.28 An American roulette wheel has 18 red numbers, 18 black numbers, and 2 gree Assume all numbers are equally likely a. What is the probability the number is red? Black? Green? b. The player can make simple bets on the color. A dollar bet on red or blac n numbers. k returns a dollar the variance of this bet? profit if red or black comes up. What is the expected value of this bet? What is c Abet on...
Need to show work 14. The casino game of American Roulette consists of a circular wheel with 38 spots. Thirty six of the spots are numbered 1, 2, 3, .., 36. Eighteen of these numbers are colored black and the other eighteen are colored red. The remaining two spots are colored green with no number assignment. If you play a color (either red or black), the casino will pay you even odds. That is, if you play black and wager...
2. An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $1 on red. If the ball lands on a red number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. (b) Find the expected value of the random| variable...
A roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). If you bet $19 that the outcome is an odd number, the probability of losing the $19 is 20/38 and the probability of winning is $38 (for a net gain of only $19, given you already paid $19) is 18/38. If a player bets $19 that the outcome is an odd number, what is the...
Question 6 0/1.6 pts A roulette wheel has 15 red slots, 15 black slots, and 2 green slots. When it is spun, a metal ball has an equal chance to land in each slot. A bet on red pays even money, i.e., if the ball lands in a red slot you win an amount equal to your bet and if the ball does not land in a red slot you lose the amount you bet. You bet $1 on red...
programming language: C++ *Include Line Documenatations* Overview For this assignment, write a program that will simulate a game of Roulette. Roulette is a casino game of chance where a player may choose to place bets on either a single number, the colors red or black, or whether a number is even or odd. (Note: bets may also be placed on a range of numbers, but we will not cover that situation in this program.) A winning number and color is...
An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $10 on red. If the ball lands on a red number, you win $10; otherwise you lose $10. Let X = the amount that you win.