In Learning Activity 4.1, we said that a game is called fair when the expected value is 0. How much should the following game cost if it is supposed to be fair? Be sure to show all work, including a probability distribution table. Would this game be fun to play? A bag contains two red marbles, three black marbles, and six yellow marbles. A player draws two marbles from the bag without replacement. If they are the same colour, the player wins $10. If they are different colours, the player wins $20 per red marble, plus $10 per black marble, plus $5 per yellow marble.

In Learning Activity 4.1, we said that a game is called fair when the expected value is 0. How much should the following game cost if it is supposed to be fair? Be sure to show all work, including a probability distribution table. Would this game be fun to play? A bag contains two red marbles, three black marbles, and six yellow marbles. A player draws two marbles from the bag without replacement. If they are the same colour, the player wins $10. If they are different colours, the player wins $20 per red marble, plus $10 per black marble, plus $5 per yellow marble.

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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Question

A bag contains two red marbles, three black marbles, and six yellow marbles. A player draws two marbles from the bag without replacement. If they are the same colour, the player wins $10. If they are different colours, the player wins $20 per red marble, plus $10 per black marble, plus $5 per yellow marble.

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Step 1: State given information

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Step 2: Define events and compute their probabilities

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Step 3: Compute winnings for each of the events

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Step 4: Create probability distribution table for drawing two marbles without replacement

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Step 5: Calculate Expected value

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Step 6: Determine the cost of the game

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