Let's play a game where I flip a coin. If the coin lands on Heads you win a $1, if it lands on Tails you lose a $1. I flip a coin 8 times and here is the results Tails Tails Tails Tails Tails Tails Tails Tails So you lost 8 times in a row and thus lose $8.00. Initial Post: Part1: Would you like to continue this game. Why or why not. Part 2: Calculate the P-value of getting 8 tails in a row assuming the coin is fair. Is it a big number or small?

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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Let's play a game where I flip a coin. If the coin lands on Heads you win a $1, if it lands on Tails you lose a $1.
I flip a coin 8 times and here is the results
Tails Tails Tails Tails Tails Tails Tails Tails
So you lost 8 times in a row and thus lose $8.00.
Initial Post:
Part1: Would you like to continue this game. Why or why not.
Part 2: Calculate the P-value of getting 8 tails in a row assuming the coin is fair. Is it a big number or small?
Transcribed Image Text:Let's play a game where I flip a coin. If the coin lands on Heads you win a $1, if it lands on Tails you lose a $1. I flip a coin 8 times and here is the results Tails Tails Tails Tails Tails Tails Tails Tails So you lost 8 times in a row and thus lose $8.00. Initial Post: Part1: Would you like to continue this game. Why or why not. Part 2: Calculate the P-value of getting 8 tails in a row assuming the coin is fair. Is it a big number or small?
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