Question: Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. Describe the game in detail. What is

Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value.

  1. Describe the game in detail.
  2. What is the expected value of the game? Show all your work.
  3. Is it a fair game? Explain why or why not.
  4. Change one thing about your game. Do NOT calculate the new expected value of your game...leave that for your classmates to do!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. Describe the game in detail. What is the expected value of the game? Show all your work. Is...

Q:

Part I: Create Your Game! During this project you will create your very own game that involves probability somehow! Perhaps players will have to draw cards from a shuffled deck, roll a die, spin a...

Q:

TEST: Chapter 9 Question 1. Score: 4/4 In a lottery daily game, a player picks four numbers from 0 to 9 (without repetition). How many different choices does the player have a) If order matters?...

Q:

Please do this work yourself. I don't want copied answers for others. Because it doesn't help me :( I need this done. Please complete all the questions that are being asked. Please don't use someone...

Q:

13. In a product liability case, a company can settle out of court for a loss of $350,000, or go to trial, losing $700,000 if found 23. Describe a situation in which a business can use expected...

Q:

Lecture Notes DL MGT 5100 - Distribution Management Spring 2017 1.0. Day one, Monday, Monday, 9 Jan 17 1.1. Reading Assignments: Chapters 1 and 2 1.1.1. I intend to follow the book so as to provide a...

Q:

Lecture Notes DL MGT 5100 - Distribution Management Spring 2017 1.0. Day one, Monday, Monday, 9 Jan 17 1.1. Reading Assignments: Chapters 1 and 2 1.1.1. I intend to follow the book so as to provide a...

Q:

1. Dependent events are events that affect the outcome of each other. True False Use the two-way frequency table to answer the answer questions. Write the solution as a whole number or percentage...

Q:

please write the code in java The program you will be writing is a simple version of the Milton Bradley (now owned by Hasbro) game called Yahtzee. In this version of the game there is just one...

Q:

Diagrams for Monopoly Game The object diagram should show what objects and their links before the steps of the scenario is executed (the initial state). Le what does the system look like at this...

Q:

What is signaling and what is its potential value for a new venture?

Q:

Under what circumstances will the Allowance for Uncollectible Accounts have a debit balance during the accounting period? The balance sheet figure for the Allowance for Uncollectible Accounts at the...

Q:

( a ) What are some common types of equity financing? Explain. ( b ) What types of collateral may be used in debt financing? ( c ) What is the downside of not retaining 5 1 % ownership in your...

Q:

The company issues 9% 10 year bond but the FaceTime out of $60,000 for $56,262 on January 1, 2024. The market interest rate for bonds of similar at risk and maturity 10%. Interest is paid...