Game show uncertainty problem

Reference no: EM13696023

Game Show Uncertainty

In the final round of a TV game show, contestants have a chance to increase their current winnings of 1 million dollars to 10 million dollars. If they are wrong, their prize is decreased to $100,000. To win, they have to guess the exact percentage that answered a question a certain way, and the range has already been narrowed to an 11-point range. So, for example, the contestant knows that the correct answer is between 20% and 30% and he or she must guess the correct percentage in that range. So, let’s say you have no idea what the right answer is and have to make a random guess. Should you play?

Reference no: EM13696023

Questions Cloud

Free trade is beneficial for the economy : Concluding that because free trade is beneficial for the economy as a whole, it must be beneficial for each individual is an example of the:

Public goods tend not to be sold in the marketplace : Public goods tend not to be sold in the marketplace because:

Economic theory leads to the conclusion : Economic theory leads to the conclusion that, under certain circumstances, the free-market outcome is efficient. Specifically, an outcome is said to be efficient if:

Countertops using existing equipment is making : A firm deciding how many workers it should hire to manufacture kitchen countertops using existing equipment is making a:

Game show uncertainty problem : In the final round of a TV game show, contestants have a chance to increase their current winnings of 1 million dollars to 10 million dollars. If they are wrong, their prize is decreased to $100,000. To win, they have to guess the exact percentage th..

Increase tax revenue : Suppose the state of California needs to increase tax revenue. The government is considering raising the per-unit tax on consumption good in order to generate more tax revenue.

Exchange-rate systems is arranged in proper historical order : Which of the following lists of exchange-rate systems is arranged in proper historical order, from earliest to most current?

Lowest quintile of households in the income distribution : The lowest quintile of households in the income distribution receives about:

Suppose there are two demand curves : Suppose there are two demand curves, one is flat (elastic) and the other steep (inelastic). Which one would be the demand for water, the flatter one or steeper one and why?

User Account

All Pages