Concept explainers
In the carnival game Under-or -Over-Seven, a pair of fair dice is rolled once, and the resulting sum determines whether the player wins or loses his or her bet. For example, the player can bet
a. Construct the probability distribution representing the different outcomes that are possible for a
b. Construct the probability distribution representing the different outcome that are possible for
c. Construct the probability distribution representing the different outcome that are possible for
d. show that the expected long-run profit (or loss) to the player is the same, no matter which method to play is used.
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Basic Business Statistics, Student Value Edition
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