Homework Answers
From the given information, the following is the probabilty distribution
| outcomes | 0 head | 1 head | 2 heads |
| winning amount(x) | 1 | 2 | 5 |
| p (x) | 0.25 | 0.5 | 0.25 |
i) Expected winnings = X * P(X) = 1 * 0.25
+ 2 * 0.5 + 5 * 0.25 = 2.5
ii) For fair Game, Expected value = 0
i.e So if it is fair game he has pay $2.5, since it the expected return which is reversed amount
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