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Introduction: Here's the game: there are two boxes with four balls each. To play, you put on a blindfold and then pick one ball at random from each box. There are two red, one blue and one green ball in the box on the left. There are two blue, one red and one green ball in the box on the right. Payouts: • S0 if the balls are different colors, • $0.50 if they are both red, • Sl if they are both blue, and • $16 if they are both green. Question: If the game costs $1 to play, would you expect to gain or lose money on average? And how much? In your solution, you must show: • How you compute the probability that payout is $0. • How you compute the probability that payout is $0.50. • How you compute the probability that payout is $1. • How you compute the probability that payout is $16. • Summarize the data into a probability table. • Compute the expected value. Remember to account for the $1 you pay to play the game. • Your conclusion.

Introduction: Here's the game: there are two boxes with four balls each. To play, you put on a blindfold and then pick one ball at random from each box. There are two red, one blue and one green ball in the box on the left. There are two blue, one red and one green ball in the box on the right. Payouts: • S0 if the balls are different colors, • $0.50 if they are both red, • Sl if they are both blue, and • $16 if they are both green. Question: If the game costs $1 to play, would you expect to gain or lose money on average? And how much? In your solution, you must show: • How you compute the probability that payout is $0. • How you compute the probability that payout is $0.50. • How you compute the probability that payout is $1. • How you compute the probability that payout is $16. • Summarize the data into a probability table. • Compute the expected value. Remember to account for the $1 you pay to play the game. • Your conclusion.

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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Introduction: Here's the game: there are two boxes with four balls each. To play, you put on a blindfold and then pick one ball at random from each box. There are two red, one blue and one green ball in the box on the left. There are two blue, one red and one green ball in the box on the right. Payouts: • So if the balls are different colors, • S0.50 if they are both red, • Sl if they are both blue, and • $16 if they are both green. Question: If the game costs $1 to play, would you expect to gain or lose money on average? And how much? In your solution, you must show: • How you compute the probability that payout is $0. • How you compute the probability that payout is $0.50. • How you compute the probability that payout is S1. • How you compute the probability that payout is $16. Summarize the data into a probability table. • Compute the expected value. Remember to account for the $1 you pay to play the game. • Your conclusion.
Transcribed Image Text:Introduction: Here's the game: there are two boxes with four balls each. To play, you put on a blindfold and then pick one ball at random from each box. There are two red, one blue and one green ball in the box on the left. There are two blue, one red and one green ball in the box on the right. Payouts: • So if the balls are different colors, • S0.50 if they are both red, • Sl if they are both blue, and • $16 if they are both green. Question: If the game costs $1 to play, would you expect to gain or lose money on average? And how much? In your solution, you must show: • How you compute the probability that payout is $0. • How you compute the probability that payout is $0.50. • How you compute the probability that payout is S1. • How you compute the probability that payout is $16. Summarize the data into a probability table. • Compute the expected value. Remember to account for the $1 you pay to play the game. • Your conclusion.
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