Suppose that you are organizing the game described at the end of Section 2.3.1, where you charge

Question:

Suppose that you are organizing the game described at the end of Section 2.3.1, where you charge players $2 to roll 7 two dice and then you pay them the difference in the scores. What is the variance in your profit from each game? If you are playing a game in which you have positive expected winnings, would you prefer a small or a large variance in the winnings?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: