Concept explainers
To calculate: The expected value and comment that is the game fair. Also tell that does it favor one side or not. A game is played her which is known as carnival game and a person is charged $2 to spin the lucky wheel. If the pointer lands on red then the person wins $3 which results in net gain of $1. If the pointer lands on yellow, then the person gets to spin again the pointer for free which means net gain is $0, If the pointer lands on purple then the person loses $2 that means a loss of $2 and if it lands on blue then the person is paid $6. The lucky wheel is as below:
And the table in which gain of each category is given is as below:
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