**Coin Flip Lottery Analysis**Suppose that you flip a coin. If it comes up heads, you win $20; if it comes up tails, you lose $20.a) Compute the expected value and variance of this lottery.b) Now consider a modification of this lottery: You flip two fair coins. If both coins come up heads, you win $20. If one coin comes up heads and the other comes up tails, you neither win nor lose—your payoff is $0. If both coins come up tails, you lose $20. Verify that this lottery has the same expected value but a smaller variance than the lottery with a single coin flip. (Hint: The probability that two fair coins both come up heads is 0.25, and the probability that two fair coins both come up tails is 0.25.) Why does the second lottery have a smaller variance?

a) When a coin is tossed there would be two possible outcomesHeadH,TailT.

Answered: Suppose that you flip a coin. If it…

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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If a player rolls 2 dice and gets a sum of 3 or 11, he wins $10. If he gets a sum of 7, he pays $5. What is his expected value?
I need help with A, B, C. Three friends (A, B, and C) will participate in a round-robin tournament in which each one plays both of the others. Suppose that P(A beats B) = 0.2P(A beats C) = 0.4P(B beats C) = 0.7 and that the outcomes of the three matches are independent of one another. (a) What is the probability that A wins both her matches and that B beats C? and What is the probability that A wins both her matches? (b) What is the probability that A loses both her matches? (c) What is the probability that each person wins one match? (Hint: There are two different ways for this to happen.)
Your car is making a funny noise. You believe that the problem is either with the wheel or the axle, and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs to be replaced. You need to decide whether to replace the wheel or the axle first. The cost of each alternative is given in the following table (if you decided to replace the wrong part first, you have to replace both of them). The Wheel is broken p = 0.3 The Axle is broken p = 0.7 Replace Wheel First Replace Axle First 600 1500 1500 900 a) Find the EV of each decision alternative. Which part should you replace first? b) What is the EVPI?
Sickle cell anemia is an inherited disease in which red blood cells become distorted and deprived of oxygen. A person with two sickle cell genes will have the disease, but a person with only one sickle cell gene will have a mild, non-fatal anemia called sickle cell trait. Using S to represent the sickle cell gene, and s a healthy gene, the table shows the four possibilities for the children of two Ss parents. Find the probability that these parents give birth to a child who has sickle cell anemia. Second Parent First Parent Ss sS P(child has sickle cell anemia) =| (Type an integer or a simplified fraction.)
On any given morning here at Chabot College, coffee is brewed in the Science and Math Division workroom by one of two faculty members, depending on who arrives first at work. Instructor Yest arrives first 75% of the time. Instructor Kelly arrives first the remaining mornings. The probability that the coffee is brewed strong when brewed by Instructor Yest is 0.2. The probability that the coffee is brewed strong when brewed by Instructor Kelly is 0.9, as Instructor Kelly likes her coffee strong! Given the coffee is strong on a randomly selected morning, what is the probability that is was brewed by Instructor Yest?

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