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Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. 1. Describe the game in detail. 2. What is the expected value of the game? Show all your work. 3. Is it a fair game? Explain why or why not. 4. Change one thing about your game. Do NOT calculate the new expected value of your game...leave that for your classmates to do! For example: 1. Raffle tickets are $1 a piece. 500 tickets are to be sold. One winner gets $150. 2. The expected value for this raffle is: -1(500/500) + (150)(1/500) = -$0.70. 3. Since the expected value is negative this is not a fair game...but raffles are meant to raise funds, so that makes sense! 4. What if the raffle tickets are sold for $2 a piece. What is my new expected value?

Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. 1. Describe the game in detail. 2. What is the expected value of the game? Show all your work. 3. Is it a fair game? Explain why or why not. 4. Change one thing about your game. Do NOT calculate the new expected value of your game...leave that for your classmates to do! For example: 1. Raffle tickets are $1 a piece. 500 tickets are to be sold. One winner gets $150. 2. The expected value for this raffle is: -1(500/500) + (150)(1/500) = -$0.70. 3. Since the expected value is negative this is not a fair game...but raffles are meant to raise funds, so that makes sense! 4. What if the raffle tickets are sold for $2 a piece. What is my new expected value?

A First Course in Probability (10th Edition)
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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Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. 1. Describe the game in detail. 2. What is the expected value of the game? Show all your work. 3. Is it a fair game? Explain why or why not. 4. Change one thing about your game. Do NOT calculate the new expected value of your game...leave that for your classmates to do! For example: 1. Raffle tickets are $1 a piece. 500 tickets are to be sold. One winner gets $150. 2. The expected value for this raffle is: -1(500/500) + (150)(1/500) = -$0.70. 3. Since the expected value is negative this is not a fair game...but raffles are meant to raise funds, so that makes sense! 4. What if the raffle tickets are sold for $2 a piece. What is my new expected value?
Transcribed Image Text:Create a game (can involve a raffle, spinner, marbles in a bag, dice, etc.) that involves expected value. 1. Describe the game in detail. 2. What is the expected value of the game? Show all your work. 3. Is it a fair game? Explain why or why not. 4. Change one thing about your game. Do NOT calculate the new expected value of your game...leave that for your classmates to do! For example: 1. Raffle tickets are $1 a piece. 500 tickets are to be sold. One winner gets $150. 2. The expected value for this raffle is: -1(500/500) + (150)(1/500) = -$0.70. 3. Since the expected value is negative this is not a fair game...but raffles are meant to raise funds, so that makes sense! 4. What if the raffle tickets are sold for $2 a piece. What is my new expected value?
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