Suppose someone gives you 9 to 2 odds that you cannot roll two even numbers with the roll of two fair dice. This means you win $9 if you succeed and you lose $2 if you fail. What is the expected value of this game to you? Should you expect to win or lose the expected value in the first game? What can you expect if you play 100 times? Explain.
What is the expected value of this game to you?
Should you expect to win (or lose) an amount equal to the expected value in the first game?
Yes, you can expect to win (or lose) the expected value in the first game.
No, the outcome of one game cannot be predicted.
What can you expect if you play 100 times?
Averaged over 100 games, you should expect to win lose
Suppose someone gives you 9 to 2 odds that you cannot roll two even numbers with...
Suppose someone gives you 8 to 2 odds that you cannot roll two even numbers with the roll of two fair dice. This means you win $8 if you succeed and you lose $2 if you fail. What is the expected value of this game to you? Should you expect to win or lose the expected value in the first game? What can you expect if you play 200 times? Explain.(The table will be helpful in finding the required probabilities.)...
You are given 6 to 1 odds against tossing three heads with three coins, meaning you win $6 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Would you expect to win or lose money in 1 game? In 100 games? Explain. Find the expected value (to you) for the game. ___ $___ (Type an integer or a decimal rounded to the nearest hundredth as needed.) Would you expect to...
You are given 6 to 5 odds against tossing three tails with three coins, meaning you win $6 if you succeed and you lose $5 if you fail. Find the expected value (to you) of the game. Would you expect to win or lose money in 1 game? In 100 games? Explain. Find the expected value (to you) for the game.
Problem 9 A single game of craps (a dice game) consists of at most two rolls of a pair of six sided dice. The ways to win are as follows: Win-the first roll of the pair of dice sums to either 7 or 1 (you win, game over, no second roll Win the first roll of the pair of dice does NOT sum to either 7 or 1 but the sum of the second roll is equal to the sum...
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $2. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to decimal places where appropriate. Probability Distribution Table Х P(X) b. Find the expected profit. 5 (Round to the nearest cent) c. Interpret the...
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $20. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $8. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table XT P(X) b. Find the expected profit. $ (Round to the nearest cent) c....
You are on a TV show. You have been asked to either play a dice game five times or accept a $50 bill. The dice game works like this: • If you roll a 1, 2, or 3, you win $45. • If you roll a 4 or 5, you lose $20. • If you roll a 6 you lose $70. Should you play the game? Use expected values and decision theory to justify your answer. Yes, you should play...
In a dice game, you roll a fair die three times, independently. If you don’t roll any sixes, you lose 1 dollar. If you roll a six exactly once, you win one dollar. If you roll a six exactly twice, you win two dollars. If you roll a six all three times, you win k dollars. (A) Let k = 3. What is the expected value of the amount you would win by playing this game (rounded to the nearest...
I propose to you a game. You roll 2 dice. If the sum of the numbers showing is either 6, or 7, or 8, I win. If it is 2, 3, 4, 5, 9, 10, 11, 12, you win. Since you have lots more possible winning combinations than I do, the rules are that you pay me $2.00 when I win and I pay you $1.00 when you win. If we play this game 30 times, how much do you...
A street hustler offers you the following game: Each play you roll 2 dice. Each play costs $1 If you roll an even number you win that amount If you roll an odd number you lose that amount in addition to the $1. 1) Calculate the probabilities P(X 1+X 2-3) 2) write the reward function, rie), where s -X + X, in the following form r(e)-a 3) What is the expected reward? Should you take up the bet?