What is his probability of winning at least twice

Assignment Help Microeconomics
Reference no: EM13338187

Suppose that a gambler plays a $1 game 7 times. in each game, his probability of winning is 20 percent. if he wins, he gets $4 prize. he gets nothing if he loses. to profit on the games, he must win at least twice. what is his probability of winning at least twice?

Reference no: EM13338187

Questions Cloud

Treating the marginal cost curve as the supply curve : Treating the marginal cost curve as the “supply curve” and using the given demand curve,what price and quantity would a competitive market give?
Discuss some of the differences between developing countries : Discuss some of the differences between developing countries and industrial market countries, including differences other than per capita income. Give examples.
Explain who has a comparative advantage in the production : Explain who has a comparative advantage in the production of oranges and who has the advantage in the production of apples. (Show all math involved in your answer)
Discuss the future direction of information systems security : Discuss the future direction of information systems security? where do you think the security go in future and why?
What is his probability of winning at least twice : Suppose that a gambler plays a $1 game 7 times. in each game, his probability of winning is 20 percent. if he wins, he gets $4 prize. he gets nothing if he loses. to profit on the games, he must win at least twice. what is his probability of winning ..
Comput the inflation rate between the 4th quarter : Use the following informations to comput the inflation rate between the 4th quarter 2010 and 4th quarter 2011.
Design a flowchart for a process : Design a flowchart for a process
Estimate the mean and standard deviation : Suppose that you have the following sample: {3,4,4,6,8} estimate the mean and standard deviation.
What are the two effects of every price change : What are the two effects of every price change? Given two goods, "x" and "y", if the price of "x" increases (all else equal), what do each of the effects say will happen to the consumption of "x"? After the change, what can we say about the quantity ..

Reviews

Write a Review

Microeconomics Questions & Answers

  Determine the m&o costs for alternative s

Alternative S has a first cost of $175,000 and a $40,000 salvage value after 5 years, but its annual M&O costs are not known.

  Describe healthcare transactions that have not taken place

Describe some healthcare situations in which an agent has taken advantage of a principal. Now describe some healthcare transactions that have not taken place because of fears about asymmetric information. What are some strategies for reducing adve..

  What is the principal-agent problem

What is the principal-agent problem? When will the principal-agent problem be most severe? Why might there be a principal-agent problem between the stockholder-owners and the managers of a large corporation?

  Why the primary gain from international trade is increased

The primary gain from international trade is increased employment in the domestic-export sector. more goods than would be attainable through domestic production alone. tariff revenue. increased employment in the domestic-import sector.

  What will be the nash equilibrium in the one-shot game

Now suppose the two doctors play this game twice. Also, suppose each doctor can play one of two strategies: it can play either "always charge the low price" or "tit for tat"- that is, it starts off charging the high price in the first period

  Computing all cost curves

Plot these curves on graphs. Compare the cost curves and discuss their characteristics.

  What can we predict about the future of our economy

Michael makes a great point. Economists often note that there is no such thing as a free lunch

  How to use pw method to rank-order economic attractiveness

A stem cell research project requires expensive specialized laboratory equipment. For this purpose, three pieces of equipment and their associated cash flows (listed below) are under consideration. One piece of equipment must be selected.

  Profits in the long-run

Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:

  What is the price elasticity of demand for tours

What is the price elasticity of demand for tours? Interpret your answer. Given this elasticity, should Breakaway increase prices to increase revenue? Explain.

  What is the cost-benefit analysis

A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups. Cost-benefit analysis can be applied to individual decision-making and public choice th..

  Knowledge of economic theory

Knowledge of economic theory to describe how these policy responses were expected to reduce the health hazards of alcohol consumption in the community.

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