How would you define a fair game

Reference no: EM131416189

Suppose the probability of winning in a gambling game is .001, and when a player wins, his or her net gain is $999. When a player loses, the net amount lost is $1 (the cost to play). Is this game fair? Why or why not?

How would you define a fair game? Does the number of times the game is played affect your view of whether the game is fair or not? Explain.

Reference no: EM131416189

Questions Cloud

What options subcontractor can take to ensure no copyright : Under what circumstances can "use" mentioned in the copyright law justify the use of the video? Discuss what options the subcontractor can take to ensure no copyright violation occurs?

Why word binomial appropriate for binomial random variable : The word binomial is from the Latin bi "two," and nomen "name." Explain why the word binomial is appropriate for a binomial random variable.

Discuss about the key alliances or co-branding partners : Company or business unit's strategic direction : a. Company/BU growth objectives,b. Business model, e.g. direct-to-consumer, channel partners,c. Key alliances or co-branding partners,d. Strategic initiative and implications for brand,e. Core competen..

Explain the business organizational problem or topic : Explain the business, organizational problem, or topic. The problem statement. The research strategy that you will use to explore the problem. 1 research question or hypothesis. Your rationale for selecting your proposed research strategy.

How would you define a fair game : How would you define a fair game? Does the number of times the game is played affect your view of whether the game is fair or not? Explain.

What assumptions do economists make : What assumptions do economists make? Why does each assumption matter in environmental economics? Is the environment an economic asset? Is the environment a social asset? Explain.

Find the expected value for the sum of two fair dice : Find the expected value for the sum of two fair dice. The probability distribution function was found in given Example.

Develop a coherently structured paper : Revise, using feedback from the professor and classmates, your Persuasive Paper Part I: A Problem Exists - Develop Part 2: Solution to Problem and Advantages (3-4 pages for 6-8 pages total)

Calculate the variance of x : A random variable X has the following probability distribution:- Calculate the mean of X.- b. Calculate the variance of X.

User Account

All Pages