Find the relative frequency of winning

Reference no: EM131805264

Question: Consider a game in a gambling casino that pays off with probability 0.40. Yesterday 42,652 people played, and 17,122 won.

a. Find the relative frequency of winning, and compare it to the probability.

b. As the owner of a casino where many people play this game, how does the law of large numbers help you eliminate much of the uncertainty of gambling?

c. As an individual who plays once or twice, does the law of large numbers help you limit the uncertainty? Why or why not?

Reference no: EM131805264

Questions Cloud

Prepare entries to record the february purchase of bonds : Prepare entries to record the February purchase of U.S. Treasury bonds and the subsequent collection of interest on July 1, using the asset approach

Why adjusting entries must be journalized : Why adjusting entries must be journalized even though the formal statement have already been prepared?

Ddiscuss what you consider to be important prerequisites : Ddiscuss what you consider to be important prerequisites for conducting research on human behavior by using human participants.

Synopsis of the organization and roles of the individuals : Paper on the following questions: A synopsis of the organization and roles of the individuals involved.

Find the relative frequency of winning : Consider a game in a gambling casino that pays off with probability 0.40. Yesterday 42,652 people played, and 17,122 won.

How much is the companys interest expense for the loan : To the nearest dollar, how much is the company's interest expense for this loan for the year ended 30th June 2018?

Program that was privately owned and operated : Two years ago I worked for an after school program that was privately owned and operated. The owners were very smart caring people and were driven

Find the probability that neither product succeeds : Your new firm is introducing two products, a bicycle trailer, and a baby carriage for jogging. Your subjective probabilities of success for these products.

Describe specific ethical issues keith needs to consider : Reflect on what you have learned in your readings about cultural, legal, and ethical issues related to assessment.

User Account

All Pages