Please solve the following question and all of it parts (part a and b) Also please provide explanation how you got to each answer and what was the thinking? Question 1. Consider a game where you can pay either $2 to flip two coins, or $3 to flip three coins, and where youwin a prize depending on the number of heads that show:If three heads show, you win $7.If two heads show, you win $3.If one heads shows, you win $2.. If no heads show, you don't win anything.(a) Is it better for you to pay $2 or $3 (in terms of your expected winnings)? Justify your answer.(b) Suppose that your friend also plays this game, but they randomly pick between paying $2 or $3 instead (so thereis a 50% probability they flip two coins, and 50% they flip three coins).If you know that they neither won nor lost money (i.e. net winnings is $0), is it more likely that they flipped twocoins or three when they played the game? Justify your answer.@122#803aF4$%AAAAAAAA45MacBook Air6SFo&*F778DIIFS(9DGFO)O4F10-41F11+=44$12delete

Question 1. Consider a game where you can pay either $2 to flip two coins, or $3 to flip three coins, and where you win a prize depending on the number of heads that show: If three heads show, you win $7. If two heads show, you win $3. ● If one heads shows, you win $2. If no heads show, you don't win anything.

Question 1. Consider a game where you can pay either $2 to flip two coins, or $3 to flip three coins, and where you win a prize depending on the number of heads that show: If three heads show, you win $7. If two heads show, you win $3. ● If one heads shows, you win $2. If no heads show, you don't win anything.

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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