Solution-Expected point value of a random guess

Expected point value of a random guess

Reference no: EM13836362

The probabilities and gain or loss for guessing on a standardized test is shown in the table to the right. Suppose that you eliminate one of the possible six answers. Modify the two probabilities of guessing correctly and guessing incorrectly under these circumstances.

Outcome	Gain or Loss	Probability
Guess correctly	1	1/6
Guess incorrectly	-1/3	5/6

What is the expected point value of a random guess? Is it advantageous to guess under these circumstances?

Reference no: EM13836362

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Expected point value of a random guess

Reference no: EM13836362

Reference no: EM13836362

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