A jar is filled with 68 different colored marbles, 8 of which are red, 38 of which are blue, and 22 of which are green. A player is asked to draw a single marble from the jar and if they draw a red marble they will win $20, if they draw a blue marble they will lose $10, and if they draw a green marble they will lose $5. You may round your answer to the nearest cent. Remember to show your work. What is the expected outcome of this game? Would it be profitable over time to play?

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.