Find the expected value for the game

Assignment Help Basic Statistics
Reference no: EM131643659

Question: A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.

- If the card is a face card, and the coin lands on Heads, you win $6

- If the card is a face card, and the coin lands on Tails, you win $2

- If the card is not a face card, you lose $2, no matter what the coin shows.

a. Find the expected value for this game (expected net gain or loss).

b. Explain what your calculations indicate about your long-term average profits and losses on this game.

c. Should you play this game to win money?

Reference no: EM131643659

Questions Cloud

Discuss the one most important concept in medication : Discuss the one most important concept in medication error related to continuous quality improvement you have learned this week
Explain what can you learn from the financial statements : Explain what can you learn from the financial statements of competitors that determine the relative cost position of your company?
Discuss the basic tenets of both elitism and pluralism : Elite theorists and pluralists are on opposite end of the spectrum in terms of who actually is behind the decision making process.
Differential diagnosis for the patient in the case study : Differential diagnosis for the patient in the case study, Provide a minimum of three possible diagnoses and list them from highest priority to lowest priority
Find the expected value for the game : A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.
Which of the step in the process is second most important : In the American public policy process, it has been concluded that agenda setting stage is the most important.
Identify fixed and variable components of hydraulic hoist : Identify the fixed and variable components of the Hydraulic Hoist. Determine what the cost of not producing goods would be to the firm.
What are your expected average winnings per game : Over the long run of playing this game, what are your expected average winnings per game?
Record any restructuring of the loan on the books : Frankfurt Company has a 5 year $1,000,000, 5% note payable to Deutsches Bank International. Record any restructuring of the loan on books of Frankfurt Company

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

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