Question

I offer you a game where I give you $30.00 if you roll a "1" or a "2" on a standard fair dice. otherwise, if you roll anything else, you pay $12.
a. is this fair game?
b. what is the expected value?
c> hojw much would you expect to make or lose in 100 rolls?

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Related Operations Management Q&A

Find answers to questions asked by student like you

Q: What is a critical activity?

A: Critical activities are the project tasks that must start and finish on time to ensure that the proj...

Q: How do we measure accuracy of a forecasting model?

A: Step1:Forecasting models are tried and tested frameworks of historical data which helps in predictin...

Q: A vending machine dispenses hot chocolate or coffee. Service time is 30 seconds per cup and is const...

A: The service rate µ = 1 / 0.5 cups per min i.e. 2 or 120 cups per hour.The arrival rate λ = 76 cups p...

Q: Repair calls are handled by one repairman at a photocopy shop. Repair time, including traveltime, is...

A: A)Identify the queueing model:The queueing model identified using the given situation is M/M/1 queue...

Q: Many organizations are involving lower level employees in control. Give two examples of specific act...

A: 1)Now a days lower level employees play a vital role in every organization. Lower-level staff will m...

Q: As my arrival rate is increasing, my Wq, W, Lq, L descrease, then become negative, then less negativ...

A: Assuming a single server model with Markovian (Poisson) arrival and departure distribution the value...

Q: How do managers decide when the strategies of position, leverage and opportunity make sense?

A: Strategy:The strategy is a course of action taken by managers to achieve one or more of the goals of...

Q: Describe three criteria of the 13 minimum standards on which plan status is determined to qualify re...

A: A retirement or worker repayment set up installed and maintained by way of an chief that meets speci...

Q: I'm not certain where to start with this questionDetermine the productivity for each month. Assume l...

A: consider given data:Month Cost of labourcost of materialoutputJanuary400$50008000February350$3500700...