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anonymous
 one year ago
A person plays a game where he blindly picks a colored chip from a container. There are 20 chips in the container: 5 red, 11 green, and 4 blue. He gets $1 for a red chip, nothing for a green chip, and he has to pay $1.25 if he picks a blue chip. This is a fair game.
True
False
anonymous
 one year ago
A person plays a game where he blindly picks a colored chip from a container. There are 20 chips in the container: 5 red, 11 green, and 4 blue. He gets $1 for a red chip, nothing for a green chip, and he has to pay $1.25 if he picks a blue chip. This is a fair game. True False

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welshfella
 one year ago
Best ResponseYou've already chosen the best response.1work out the probabilities of picking a blue chip and a red chip

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0red chip=5/20=0.25 blue chip=4/20= 0.2

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1on the face of it that seems fair as there is less chance of getting a blue than a red, The money is in the same ratio as the probabilities. But the chaance of picking a green is greater than 1/2...

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1so what do you think?

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1 but he doesn't have to pay money to play the game.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0okay that sounds fair to me @welshfella

welshfella
 one year ago
Best ResponseYou've already chosen the best response.1yes i think it is fair If you hade to pay to play then it would not be fair
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