5. In the "long run," what is the expected profit, or loss, per game if you pay $2 to play a game and receive $10 ifyou throw a "doubles" on a single throw of a pair of dice?

Given that, you pay $2 to play a game and receive $10 if you throw a "doubles" on a single throw of…

Answered: 5. In the "long run," what is the…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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In craps, if a player bets on a 5 coming up on the next roll, and the player is paid at net 8-to-1 odds, what is th net payoff on a $20 bet? (a) $20 (b) $140 (c) $160 (d) $180
A "psychic" runs the following ad in a magazine: Expecting a baby? Renowned psychic will tell you the sex of the unborn child from any photograph of the mother.Cost, $20. Money‑back guarantee. This may be a profitable con game. Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her money back. Sex of child Probability The psychic's profit Boy 0.51 Girl 0.49 The expected value of the psychic's profit is the average dollar amount kept from customer (ignoring any postage costs). Find the expected value of the psychic's profit by filling in the boxes below with you answers. Use decimal notation. If your answer is not a whole number, round to the nearest tenths place. Psychic's profit for Boy: $ Psychic's profit for Girl: $ Expected value: $
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I'm having a difficult time answering the following question from the textbook. The answer I come up with is $9,035. I get this by (for each row) multiplying the probability by the number of units and multiply that product by the price . I then add the products from each row to come to the total of $9,035. Is my methodology for answering this question correct, or am I doing the process incorrectly? What Is there a specific fighure(s) in Chapter 4 that would help to understand this process better? The question is below: The Alliance Corp. expects to sell the following number of units of copper cables at the prices indicated, under three different scenarios in the economy. The probability of each outcome is indicated. What is the expected value of the total sales projection? Outcome Probability Units Price A 0.70 225 $20 B 0.10 370 35 C 0.20 510 45
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5. In the "long run," what is the expected profit, or loss, per game if you pay $2 to play a game and receive $10 if you throw a "doubles" on a single throw of a pair of dice?