Find the expected value of the psychic profit

Assignment Help Basic Statistics
Reference no: EM131639439

Question: An expected rip-off? A "psychic" runs the following ad in a magazine:

Expecting a baby? Renowned psychic will tell you the sex of the unborn child from any photograph of the mother. Cost, $20. Money-back guarantee.

This may be a profitable con game. Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her money back. Find the expected value of the psychic's profit by filling in the table below.

Sex of child      Probability      The psychic's profit

Boy                    0.51

Girl                     0.49

Reference no: EM131639439

Questions Cloud

Build production facilities : The initial outlay includes $40 million to build production facilities and $4 million in land. The $40 million facility will be depreciated using the prime cost
Describe how clinical significance will influence literature : describe how clinical significance, validity and reliability will influence how you evaluate an article when you are critiquing the evidence for your literature
Investment decision making : Critically evaluate this statement and discuss how the concept of risk aversion may relate to investment decision making.
Explain how would cause social and cultural change : Modernization theory provides a model to explain how would cause social and cultural change.
Find the expected value of the psychic profit : This may be a profitable con game. Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her.
Responsibilities of a personal representative : A friend has been asked to be a personal representative but doesn't know what the responsibilities of a personal representative are.
Discuss one personal strength and one weakness : Discuss one personal strength and one weakness you have regarding professional presentations
Find the firm roa and asset turnover ratio : The firms operating profit margin is 4.9%. Find the firm's ROA and asset turnover ratio. Round your final answer to 2 decimal places.
What forces are opposing one another throughout the life : What forces are opposing one another throughout the life of a star and how do they influence the various stages in the life cycle of a star?

Reviews

Write a Review

Basic Statistics Questions & Answers

  In a recent study of 154 households 54 had air

q1. in a recent study of 154 households 54 had air conditioning. find the 95 confidence interval of the true

  The table gives population densities for ring-necked

the table gives population densities for ring-necked pheasants in number of pheasants per acre on pelee island

  Estimated annual energy cost an overall rating

It listed 41 models, giving the brand, cost, size (cu ft), type (such as top freezer), estimated annual energy cost, an overall rating (good, excellent, etc.), and the repair history for that brand (percentage requiring repairs over the past 5 yea..

  Upper limit of normal on separate occasions

Frequently, tests that yield abnormal results are repeated for confirmation. What is the probability that for a normal person a test will be at least 1.5 times as high as the upper limit of normal on two separate occasions?

  Typical phases of operation of a virus or worm

1. What are typical phases of operation of a virus or worm? 2. What is a digital immune system

  What is probability that 2 people will not be called

Suppose another 2 of the 12 will ask to be placed on the do-not-call list when contacted. What is the probability that these 2 people will not be called?

  A panel of meteorological and civil engineers studying

a panel of meteorological and civil engineers studying emergency evacuation plans for floridas gulf coast in the event

  Why efficiency in markets with incomplete information presen

Why efficiency in markets with incomplete information present lower than in those with perfect information.

  What is the approximate p value for given test

What is the approximate p-value for this test? Construct and interpret the 99% confidence interval for the difference between the population means.

  Suggest that code violations are found

Find the probability that the number of commercial buildings with at least one violation will be more than two standard deviations from the mean.

  What is the probability that a given user originates calls

software to detect fraud in consumer phone cards tracks the number of metropolitan areas where calls originate each

  The distribution of calories burned by players who played

the distribution of calories burned by players who played the whole game in the premiere league is normally

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!

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