The game is guessing the outcome of a 6 sided dice the participant has to correctly...
The game is guessing the outcome of a 6 sided dice the participant has to correctly guess the outcome out of 6 possible outcomes from 1 to 6 the cost is 1$ and on correctly guessing the win 3$ P(correct guess) = 1/6 (probability of getting the guessed number out 6 possibilities in dice) therefore expected profit per game in the long run = ticket price - prize*probability of winning = 1$ - 3$ * (1/6) = 0.5$ therefore the game is profitable in the long run.
I need some help making this into a bar graph
Homework Answers
The given statement for profit per game is wrong.
Profit per game is not Price - expected revenue
but rather, Profit per game is expected revenue - price
Therefore, Expected [profit per game in long term = prize*probability of winning - ticket price
= 3*(1/6) - 1 = -0.5
The game is not profitable in the long run
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The game is guessing the outcome of a 6 sided dice the
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Can someone help me to solve it by Matlab?
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