Consider the following two lottery type games: Game 1: You pick one number between 1 and 50.
Question:
a. The cost to play either game is $ 1, and if you win you will be paid $ 20. If you can only play one of these games, which game would you pick and why? Use relevant probabilities to justify your choice.
b. For either of these games, if you plan to play the game 100 times, would you expect to win money or lose money overall? Explain.
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a thereof e it is advantageous to play game 2 because the pro...View the full answer
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