A game is said to be fair if the expected value (after considering the cost) is 0. This would mean that in the long run, both the player and the "house" or whoever is putting on the game, would expect to win nothing. If the value is positive, the game is in your favor. If the value is negative, the game is not in your favor. At a carnival, you pay $1 to choose a card from a standard deck. If you choose a red card you double your money, but if you pick a black card you do not get any. (A standard deck of cards has 52 card. 26 of the cards are red.)

A game is said to be fair if the expected value (after considering the cost) is 0. This would mean that in the long run, both the player and the "house" or whoever is putting on the game, would expect to win nothing. If the value is positive, the game is in your favor. If the value is negative, the game is not in your favor. At a carnival, you pay $1 to choose a card from a standard deck. If you choose a red card you double your money, but if you pick a black card you do not get any. (A standard deck of cards has 52 card. 26 of the cards are red.)

Name: Please help! A game is said to be fair if the expected value (after co
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Description: Please help! A game is said to be fair if the expected value (after considering thecost) is 0. This would mean that in the long run, both the player and the"house" or whoever is putting on the game, would expect to winnothing.If the value is positive

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.CR: Chapter Review

Problem 9CC: a Suppose that a game gives payouts a1,a2,...,an with probabilities p1,p2,...pn. What is the...

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