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A person spins the pointer and is awarded the amount indicated by the pointer.
It costs $6 to play the game. Determine:
• The expectation of a person who plays the game.
• The fair price to play the game.
Please see attachment
 2 years ago
 2 years ago
A person spins the pointer and is awarded the amount indicated by the pointer. It costs $6 to play the game. Determine: • The expectation of a person who plays the game. • The fair price to play the game. Please see attachment
 2 years ago
 2 years ago

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satellite73Best ResponseYou've already chosen the best response.2
messed that all up let me try again
 2 years ago

satellite73Best ResponseYou've already chosen the best response.2
and do it correctly. you pay $6 and you can win 2, 8 or 12 so your actual winnings are 4, 2 or 6
 2 years ago

satellite73Best ResponseYou've already chosen the best response.2
multiply what you win by the probablity you win it and get \[4\times \frac{1}{2}+2\times\frac{1}{4}+6\times \frac{1}{4}=0\]
 2 years ago

satellite73Best ResponseYou've already chosen the best response.2
because your expectation is zero, the game is fair
 2 years ago
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