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You must pick one of two wagers, for an outcome based on flipping a fair coin....
You have a biased coin, where the probability of flipping a heads is 70%. You flip...
You have a biased coin, where the probability of flipping a heads is 70%. You flip once, and the coin comes up tails. What is the expected number of flips from that point (so counting that as flip #0) until the number of heads flipped in total equals the number of tails?
(a) [15 points] Suppose you have a weighted coin in which heads comes up with probability...
(a) [15 points] Suppose you have a weighted coin in which heads comes up with probability 3/4 and tails with probability 4. If you flip heads you win $2, but if you flip tails, you lose $1. What is the expected value of a coin flip?
An investor has an opportunity to play a lottery that depends on the outcome of flipping...
An investor has an opportunity to play a lottery that depends on the outcome of flipping two fair coins (i.e. the probability of each outcome is 50%). If both coins come up tails, the lottery payoff is $20. If one coin comes up heads and the other tails, the lottery payoff is $50. If both coins come up heads, the lottery payoff is $100. a. Calculate the probability associated with each payoff. What is the expected value of the lottery?...
It’s the same game as before with the same rules: in each round a fair coin...
It’s the same game as before with the same rules: in each round a fair coin is tossed and if it comes up heads you win $1, and if it comes up tails you lose $1. The game consists of 50 such rounds. Your net gain at the end of the game is defined as the total amount of money won by you during the game minus the total amount of money lost by you during the game. Having studied...
Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the...
Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the coin comes up heads with probability 1/3. a. Construct a table of the possibilities and probabilities in this game. Probability Outcome Possibilities 0 heads, 3 tails / 1 heads, 2 tails 2 2 heads, 1 tails 3 3 heads, 0 tails b. Compute the expected value of the game. The expected value of the game is $...
(1 point) Consider a game played by flipping biased coins where the probability of heads is...
(1 point) Consider a game played by flipping biased coins where the probability of heads is 0.14. You first choose the number of coins you want to flip You must pay $1.5 for each coin you choose to flip. You flip all the coins at the same time. You win $1000 if one or more coins comes up heads How many coins should you flip to maximize your expected profit? Answer: What is your maximum expected profit? Answer: $ (Your...
Consider a game in which a coin will be flipped three times. For each heads you...
Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the coin comes up heads with probability 1/3. a. Construct a table of the possibilities and probabilities in this game. Probability Outcome Possibilities 0 heads, 3 tails / 1 heads, 2 tails 2 2 heads, 1 tails 3 3 heads, 0 tails b. Compute the expected value of the game. The expected value of the game is $...
in a game, you toss a fair coin and a fair six sided die. if you...
in a game, you toss a fair coin and a fair six sided die. if you toss a heads on the coin and roll either a 3 or a 6 on the die, you win $30. otherwise, you lose $6. what is the expected profit of one round of this game
You play two games against the same opponent. The probability you win the first game is...
You play two games against the same opponent. The probability you win the first game is 0.8. If you win the first game, the probability you also win the second is 0.6. If you lose the first game, the probability that you win the second is 0.4. Complete parts a) through e). a) Are the two games independent? Explain your answer A. Yes; all events are independent. O B. No; the outcome of the first game determines the probability of...
You have 2 fair coins and one coin with heads on both sides. You pick a...
You have 2 fair coins and one coin with heads on both sides. You pick a coin at random and toss it twice. If it lands heads up on both tosses, the probability it also lands heads up on a third toss can be express in the form A/B, where A and B are relatively prime positive integers (i.e. the greatest common divisor is 1). Compute A + B.
(a) [15 points] Suppose you have a weighted coin in which heads comes up with probability 3/4 and tails with probability 4. If you flip heads you win $2, but if you flip tails, you lose $1. What is the expected value of a coin flip?
Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the coin comes up heads with probability 1/3. a. Construct a table of the possibilities and probabilities in this game. Probability Outcome Possibilities 0 heads, 3 tails / 1 heads, 2 tails 2 2 heads, 1 tails 3 3 heads, 0 tails b. Compute the expected value of the game. The expected value of the game is $...
(1 point) Consider a game played by flipping biased coins where the probability of heads is 0.14. You first choose the number of coins you want to flip You must pay $1.5 for each coin you choose to flip. You flip all the coins at the same time. You win $1000 if one or more coins comes up heads How many coins should you flip to maximize your expected profit? Answer: What is your maximum expected profit? Answer: $ (Your...
Consider a game in which a coin will be flipped three times. For each heads you will be paid $100. Assume that the coin comes up heads with probability 1/3. a. Construct a table of the possibilities and probabilities in this game. Probability Outcome Possibilities 0 heads, 3 tails / 1 heads, 2 tails 2 2 heads, 1 tails 3 3 heads, 0 tails b. Compute the expected value of the game. The expected value of the game is $...
You play two games against the same opponent. The probability you win the first game is 0.8. If you win the first game, the probability you also win the second is 0.6. If you lose the first game, the probability that you win the second is 0.4. Complete parts a) through e). a) Are the two games independent? Explain your answer A. Yes; all events are independent. O B. No; the outcome of the first game determines the probability of...
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