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In the carnival game Under-or -Over-Seven, a pair of fair dice is rolled once, and the resulting sum determines whether the player wins or loses his or her bet. For example, the player can bet
a. Construct the
b. Construct the probability distribution representing the different outcome that are possible for
c. Construct the probability distribution representing the different outcome that are possible for
d. show that the expected long-run profit (or loss) to the player is the same, no matter which method to play is used.
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Chapter 5 Solutions
Basic Business Statistics
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