Business Statistics: A First Course (8th Edition)
8th Edition
ISBN: 9780135177785
Author: David M. Levine, Kathryn A. Szabat, David F. Stephan
Publisher: PEARSON
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A player rolls a fair dice and gets "$3 multiplied by the value on the dice" in the case of even outcome and loses "$4 multiplied by the value on the dice" in the case of odd outcome. What's his average payout? Enter the value below
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws two spades in succession from a standard deck of 52 cards replacing the first card, you give him $50. Otherwise, he pays you $10. If the same bet was made 30 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary.
Suppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.50). If you roll a 4 or 5, you win $3.50 (i.e., your net profit is $2.00). If you roll a 6 you win $5.00 (i.e., your net profit is $3.50).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions.
Die Roll
xx
P(x)
Roll a 1, 2, or 3
Roll a 4 or 5
Roll a 6
Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=
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- On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form the price of an appliance. If the contestant is correct, he or she wins the appliance. What is the probability of winning when the contestant knows that the price is at least $400?arrow_forwardFind the probability of each event. Rolling a sum of 11 on one roll of three dicearrow_forwardSuppose you decided to play a gambling game. In order to play the game there is a $1.50 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.5 dollars). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1). If you roll a 6 you win $5.75 (i.e., your net profit is $4.25).a) Use the information described above to constuct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. xx P(x)P(x) (You roll a 1,2,or 3) (You roll a 1,2, or 3) (You roll a 4 or 5) (You roll a 4 or 5) (You roll a 6) (You roll a 6) b) Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=arrow_forward
- Suppose you decided to play a gambling game. In order to play the game there is a $1.00 dollar fee to play. If you roll a 1, 2, or 3 you win nothing (i.e., your net profit is $-1.00). If you roll a 4 or 5, you win $2.50 (i.e., your net profit is $1.50). If you roll a 6 you win $4.00 (i.e., your net profit is $3.00).Use the information described above to construct a probability distribution table for the random variable xx which represents the net profit of your winnings. Note: Be sure to enter your probabilities as reduced fractions. Die Roll xx P(x)P(x) Roll a 1, 2, or 3 Roll a 4 or 5 Roll a 6 Find the amount you would expect to win or lose each time you played the game. Round your final answer to two decimal places.μ=arrow_forwardYour friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the game on Tuesday night. But you will pay him $3 if his team wins. Your team has an 55% chance of winning, whereas his only has a 45% chance. This bet is in your favor. True or False?arrow_forwardSuppose that you and a friend are playing cards and decide to make a bet. If your friend draws two red cards in succession from a standard deck of 52 cards without replacing the first card, you give him $50. Otherwise, he pays you $20. If the same bet was made 15 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Answer O Win ⒸLose Keypad Keyboard Shortcutsarrow_forward
- One option in a roulette game is to bet $7 on red. (There are 18 red compartments, 18 black compartments, and two compartments that are neither red nor black.) If the ball lands on red, you get to keep the $7 you paid to play the game and you are awarded $7. If the ball lands elsewhere, you are awarded nothing and the $7 that you bet is collected. Complete parts (a) through (b) below. III a. What is the expected value for playing roulette if you bet $7 on red? $ (Round to the nearest cent.) b. What does this expected value mean? Choose the correct statement below. O A. This value represents the expected loss over the long run for each game played. OB. Over the long run, the player can exper to break even. OC. This value represents the expected win over the long run for each game played.arrow_forwardYou are playing a game in which a single die is rolled. If a 2 or a 5 come up, you win $60; otherwise, you lose $3. What is the price that you should pay to play the game that would make the game fair?arrow_forwardAn urn contains 25 balls, 40% of which aregreen. A contestant reaches in the urn tochoose three balls; the contestant will win$200 if he or she selects a green ball, butwill lose $120 for any other colour. Is eachversion of the game a fair game? Justifyyour response.arrow_forward
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