Consider the following game. You choose a color on the spinning wheel to the right and...
Consider the following game. You choose a color on the spinning wheel to the right and pay a price of
$3
to spin the wheel. If your color comes up, you get
$3
back plus
$3
additionally. Otherwise, you get nothing.
a.
What is the expected financial outcome from this game (in dollar amount)?
nothing
dollars. (Round up to 2 digits after the decimal point.)
b.
What price of the game would ensure that the expected financial outcome is positive?
The price of the game must not exceed
nothing
dollars. (Round to 2 digits after the decimal point.)
Homework Answers
Assuming this is spinning wheel
P(same color comes up) = 1/8
E(X) = -2.25
b)
let the price of game be p
E(X) = -(p * 7/8) + (3) *1/8
E(X) > 0
p < 3/7
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