In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side. The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game. = Win a prize = Do not win a prize 1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link below. Click to hide hint CHIP 1 CHIP 2 Probability 0.5 P(Red) & P(Red) =P(R) - P(R) = 0.5 . 0.5 = 0.25 05 0.5 P(Red) & P(Blue) = P(R) - P(B) = 0.5 - 0.5 = 0.25 Start- 0.5 P(Red) & P(Red) = P(R) - P(R) = 0.5 - 0.5 = 0.25 0.5 P(Red) & P(Blue) = P(R) - P(B) = 0.5 -0.5 = 0.25
In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side. The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game. = Win a prize = Do not win a prize 1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link below. Click to hide hint CHIP 1 CHIP 2 Probability 0.5 P(Red) & P(Red) =P(R) - P(R) = 0.5 . 0.5 = 0.25 05 0.5 P(Red) & P(Blue) = P(R) - P(B) = 0.5 - 0.5 = 0.25 Start- 0.5 P(Red) & P(Red) = P(R) - P(R) = 0.5 - 0.5 = 0.25 0.5 P(Red) & P(Blue) = P(R) - P(B) = 0.5 -0.5 = 0.25
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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Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Question
Transcribed Image Text:2. Create the probability distribution of the game. Fill in the missing
parts of the chart.
x + Number of Red Chips P(x)
Result
1
Lose +
2
Win +
3. Now find the expected value.
x, Number of red chips X → Net Money Won or Lost
P(x)
1
+ + $
4. What is the expected Value?
Transcribed Image Text:In this game, two chips are placed in a cup. One chip has two red sides
and one chip has a red and a blue side. The player shakes the cup and
dumps out the chips. The player wins if both chips land red side up and
loses if one chip lands red side up and one chip lands blue side up. The
cost to play is $4 and the prize is worth $6. Is this a fair game.
= Win a prize
= Do not win a prize
1. Start by determining the probabilities for winning a prize and not
winning a prize. Draw a probability tree to find the possible outcomes
and the probabilities. After you draw the tree, check you work by
clicking on the link below.
Click to hide hint
CHIP 1
CHIP 2
Probability
P(Red) & P(Red) = P(R) - P(R) = 0.5. 0.5 = 0.25
0.5
0.5
0.5
P(Red) & P(Blue) = P(R) - P(B) = 0.5.0.5 = 0.25
Start
0.5
0.5
P(Red) & P(Red) = P(R) - P(R) = 0.5. 0.5 = 0.25
0.5
P(Red) & P(Blue) = P(R) - P(B) = 0.5.0.5 = 0.25
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