User Account

All Pages

Find the expected value for the game

Assignment Help Basic Statistics
Reference no: EM131643659

Question: A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.

- If the card is a face card, and the coin lands on Heads, you win $6

- If the card is a face card, and the coin lands on Tails, you win $2

- If the card is not a face card, you lose $2, no matter what the coin shows.

a. Find the expected value for this game (expected net gain or loss).

b. Explain what your calculations indicate about your long-term average profits and losses on this game.

c. Should you play this game to win money?

Reference no: EM131643659

Questions Cloud

Discuss the one most important concept in medication : Discuss the one most important concept in medication error related to continuous quality improvement you have learned this week
Explain what can you learn from the financial statements : Explain what can you learn from the financial statements of competitors that determine the relative cost position of your company?
Discuss the basic tenets of both elitism and pluralism : Elite theorists and pluralists are on opposite end of the spectrum in terms of who actually is behind the decision making process.
Differential diagnosis for the patient in the case study : Differential diagnosis for the patient in the case study, Provide a minimum of three possible diagnoses and list them from highest priority to lowest priority
Find the expected value for the game : A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.
Which of the step in the process is second most important : In the American public policy process, it has been concluded that agenda setting stage is the most important.
Identify fixed and variable components of hydraulic hoist : Identify the fixed and variable components of the Hydraulic Hoist. Determine what the cost of not producing goods would be to the firm.
What are your expected average winnings per game : Over the long run of playing this game, what are your expected average winnings per game?
Record any restructuring of the loan on the books : Frankfurt Company has a 5 year $1,000,000, 5% note payable to Deutsches Bank International. Record any restructuring of the loan on books of Frankfurt Company

Reviews

Write a Review

Basic Statistics Questions & Answers

  Compute mean absolute deviation

Develop forecasts for the years 6 through 13 using a 5-year moving average and Weight the most recent year by 6, the previous year by 4, the year before that by 2, and the other years by 1.

  Probability that score will have value between certain point

A normal distribution has a mean of µ = 100 with σ = 20. If one score is randomly selected from this distribution, what is the probability that the score will have a value between X = 90 and X = 120?

  Find an estimate of the model standard deviation

Find an estimate of the model standard deviation, σ.- Predict the apparent porosity percentage for a brick with a mean pore diameter of 10 micrometers.

  Normally distributed with a standard deviation

Suppose that the monthly pay is normally distributed with a standard deviation of $400. What is the probability that the monthly pay of a bank teller.

  A committee of 2 is chosen at random from a population of 7

a committee of 2 is chosen at random from a population of 7 men and 8 women. what is the probability that the committee

  Drawing conclusions from unknown characteristics of data

Drawing Conclusions from Unknown Characteristics of Data

  Standard error of sample proportion

According to an article, 19% of the entire US population have high-speed access to the Internet. Random samples of size 200 are selected from the US population.

  Weights of water taxi passengers

When water taxi sank in the Baltimore Inner Harbor, an investigation revealed that the safe passenger load for water taxi was 3500 lbs. It was also noted that the mean weight of passenger was assumed to be 140 lbs.

  If you find that the average number of people entering the

michelle sayther is a fashion design artist who designs the display windows in front of the a large clothing store in

  Conclude that the mean waiting time is less than minutes

At the 0.05 significance level, can we conclude that the mean waiting time at the Warren Road MacBurger is less than 3 minutes?

  Dizio tv company has recently invested in manufacturing

dizio tv company has recently invested in manufacturing processes to enhance the quality of their products. in testing

  Suppose x the number of flaws in a roll of polyethylene

suppose x the number of flaws in a roll of polyethylene insulated cable follows a poisson process where ? is 1.1 flaws

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd