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Dereck of the YouTube channel Veritasium offered to play the following Game with people on the streets of Australia (since that's where he lived at the time). Dereck would flip a coin. You would call the result either Heads or Tails. If you called it correct Dereck would give you 20 AUS dollars. If you called it wrong you owed Dereck 10 AUS Dollars (see this video to see how people reacted to the offer). Since you call it in the air we make the (simplifying) assumption the coin is Fair. D. Compute P(you LOSE money playing this game 10 times) E. Compute the Standard Deviation of the Binomial Probability Density Function

Dereck of the YouTube channel Veritasium offered to play the following Game with people on the streets of Australia (since that's where he lived at the time). Dereck would flip a coin. You would call the result either Heads or Tails. If you called it correct Dereck would give you 20 AUS dollars. If you called it wrong you owed Dereck 10 AUS Dollars (see this video to see how people reacted to the offer). Since you call it in the air we make the (simplifying) assumption the coin is Fair. D. Compute P(you LOSE money playing this game 10 times) E. Compute the Standard Deviation of the Binomial Probability Density Function

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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4. Dereck of the YouTube channel Veritasium offered to play the following Game with people on the streets of Australia (since that's where he lived at the time). Dereck would flip a coin. You would call the result either Heads or Tails. If you called it correct Dereck would give you 20 AUS dollars. If you called it wrong you owed Dereck 10 AUS Dollars (see this video to see how people reacted to the offer). Since you call it in the air we make the (simplifying) assumption the coin is Fair. D. Compute Pl(you LOSE money playing this game 10 times) E. Compute the Standard Deviation of the Binomial Probability Density Function the number of wins and losses (C). F. Should you play this game? G. Would you play this game if he offered to do it 10 times with you? Explain (note: answer can be either yes or no here, some people would, others wouldn't)
Transcribed Image Text:4. Dereck of the YouTube channel Veritasium offered to play the following Game with people on the streets of Australia (since that's where he lived at the time). Dereck would flip a coin. You would call the result either Heads or Tails. If you called it correct Dereck would give you 20 AUS dollars. If you called it wrong you owed Dereck 10 AUS Dollars (see this video to see how people reacted to the offer). Since you call it in the air we make the (simplifying) assumption the coin is Fair. D. Compute Pl(you LOSE money playing this game 10 times) E. Compute the Standard Deviation of the Binomial Probability Density Function the number of wins and losses (C). F. Should you play this game? G. Would you play this game if he offered to do it 10 times with you? Explain (note: answer can be either yes or no here, some people would, others wouldn't)
Expert Solution
Step 1

Let Xi be a random variable denoting the whether the ith game is won or lost.

Xi=$20       p=0.5     if the game is won-$10    q=0.5     if the game is lost

Xi is a Bernoulli random variable.

Let another random variable X is defined as X=∑i=110Xi

By additive property of Bernoulli random variables, X follows Binomial distribution with parameters n=10 and p-0.5

PX=x=Cxn px1-pn-x        x=0,1,2,...,n

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