Suppose you and your friend decide to gamble on the roll of a single, lands on...

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Suppose you and your friend decide to gamble on the roll of a single, lands on an even number, you must give your friend $10, and if it lands on an odd number, your friend must pay you $10. If you play the game many times, then the average payoff, or expected value, from this bet is $0. (Enter your response as an integer.) Suppose instead you play this same game with five of your friends (resulting in six total players in the game). Each player is assigned 1 number from the dice. If your number is rolled; then each player must pay you $10, and if your number is not rolled, then you must pay the winning player $10. If you play the game many times, then the average payoff, or expected value, from this bet is $0. (Enter your response as an integer.) Suppose that after playing the game several times you were unable to win, so your friends made a new rule that if you win each player must give you $20 (which would result in a total winning of $100) and if you lose you still only have to pay $10. If you play the game many times, then the average payoff, or expected value, from this bet is $ (Round your response to two decimal places.) Suppose you and your friend decide to gamble on the roll of a single, lands on an even number, you must give your friend $10, and if it lands on an odd number, your friend must pay you $10. If you play the game many times, then the average payoff, or expected value, from this bet is $0. (Enter your response as an integer.) Suppose instead you play this same game with five of your friends (resulting in six total players in the game). Each player is assigned 1 number from the dice. If your number is rolled; then each player must pay you $10, and if your number is not rolled, then you must pay the winning player $10. If you play the game many times, then the average payoff, or expected value, from this bet is $0. (Enter your response as an integer.) Suppose that after playing the game several times you were unable to win, so your friends made a new rule that if you win each player must give you $20 (which would result in a total winning of $100) and if you lose you still only have to pay $10. If you play the game many times, then the average payoff, or expected value, from this bet is $ (Round your response to two decimal places.)

Answer rating: 100% (QA)

The expected value for the first game is 0 because the probab... View the full answer