Question: QUESTION 1 Refer to the problem in 3.3.1 - Rational Decision Making Lab: Game #1 The player will flip a fair coin four times. If

QUESTION 1 Refer to the problem in 3.3.1 -
QUESTION 1 Refer to the problem in 3.3.1 - Rational Decision Making Lab: Game #1 The player will flip a fair coin four times. If the player gets the same result three times in a row, they will win $100. Otherwise they win $0. Keep in mind: Getting 4 in a row will not yield you an extra $100. It also does not disqualify the original $100. For example: HHHH and HHHT are both worth $100. Create a probability tree that shows the expected value of the game. That is, what is the most money a rational player would pay to play the game? (Don't use the shifting probability from 3.1.2 I said nothing about that in the problem here.) Show the probability tree for the game. Upload the picture directly. Rubric 5 - Presents a tree. 5 - Tree shows all sixteen possible outcomes. 10 - Tree shows correct expected values on appropriate nodes. 5 - Tree shows final expected value for entire game. Response . 25 points B U S Your response... 0 words

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!