Business
Engineering
Math
Science
Social ScienceI 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?
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
We start by finding the probability of the various situations. Since there are 6 faces of a dice and it is a fair dice the probability of rolling any face is 1/6. Hence the total probability of rolling “1” or “2” is 1/6 + 1/6 = 2/6 and the probability of rolling anything else is 1 – 2 /6 = 4/6 (using rule of complements in probability theory).
Hence the expected value of rolling a dice is the weighted average of the payments (positive of negative) weight...
Business
Operations Management
Related Operations Management Q&A
Find answers to questions asked by student like you
Show more Q&A addQ: 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...
