Consider a game in a gambling casino that pays off with probability 0.40. Yesterday 42,652 people played,
Question:
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?
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a The relative frequency is 04014 This is very close to the probability 040 b The law ...View the full answer
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