Q: A single die is rolled once. You lose $12 if
A single die is rolled once. You lose $12 if a number divisible by 3 turns up. How much should you win if a number not divisible by 3 turns up in order for the game to be fair? Describe the process an...
See AnswerQ: A coin is tossed three times. Suppose you lose $3
A coin is tossed three times. Suppose you lose $3 if 3 heads appear, lose $2 if 2 heads appear, and win $3 if 0 heads appear. How much should you win or lose if 1 head appears in order for the game to...
See AnswerQ: A card is drawn from a standard 52-card deck.
A card is drawn from a standard 52-card deck. If the card is a diamond, you win $10; otherwise, you lose $4. What is the expected value of the game?
See AnswerQ: A 5-card hand is dealt from a standard 52-
A 5-card hand is dealt from a standard 52-card deck. If the hand contains at least one diamond, you win $10; otherwise, you lose $4. What is the expected value of the game?
See AnswerQ: A single card is drawn from a standard 52-card deck
A single card is drawn from a standard 52-card deck. Let D be the event that the card drawn is a diamond, and let F be the event that the card drawn is a face card. find the indicated probabilities....
See AnswerQ: The payoff table for three possible courses of action is given below
The payoff table for three possible courses of action is given below. Which of the three actions will produce the largest expected value? What is it?
See AnswerQ: In roulette (see Problem 35), the numbers from 1 to
In roulette (see Problem 35), the numbers from 1 to 36 are evenly divided between red and black. A player who bets $1 on black wins $1 (and gets the $1 bet back) if the ball comes to rest on black; ot...
See AnswerQ: A game has an expected value to you of - $0
A game has an expected value to you of - $0.50. It costs $2 to play, but if you win, you receive $20 (including your $2 bet) for a net gain of $18. What is the probability of winning? Would you play t...
See AnswerQ: Ten thousand raffle tickets are sold at $2 each for a
Ten thousand raffle tickets are sold at $2 each for a local library benefit. Prizes are awarded as follows: 2 prizes of $1,000, 4 prizes of $500, and 10 prizes of $100. What is the expected value of t...
See AnswerQ: A box of 8 flashbulbs contains 3 defective bulbs. A random
A box of 8 flashbulbs contains 3 defective bulbs. A random sample of 2 is selected and tested. Let X be the random variable associated with the number of defective bulbs in a sample. (A) Find the pro...
See Answer
