Simulates playing a game where a player has a 0.2 probability of winning $3 and a 0.8
Question:
a. What would you estimate for your expected value (average gain or loss) from the results?
b. Using the following probability distribution, calculate the mean.
X P(x)
$3 ...... 0.2
- $1...... 0.8
c. How do your answers to parts a and b compare? Would you consider this a fair game? Why?
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