Explanation Given: Dona and Mary toss a coin to see who buys coffee. Suppose that the honest coin is used and Dona tosses the coin and Mary calls the outcome. Then, the possible results and corresponding probabilities are as follows: Possible results Result of Toss Heads Heads Tails Tails Call Heads Tails Heads Tails Caller Wins? Yes No No Yes Probability 1 4 1 4 1 4 1 4 Mary wins $ 1.20 of coffee whenever the results come and calls match and she loses $ 1.20 cup when there is no match. So, Mary’s expected payback is ( 1

11th Edition

ISBN: 9780321979438

Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey

Publisher: PEARSON

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Chapter 8.5, Problem 17E

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Mary’s expected payback ($1.20 a cup) and decide if it is a fair game or not

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Chapter 8.5, Problem 16E

Chapter 8.5, Problem 18E

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Mary’s expected payback ( $ 1.20 a cup ) and decide if it is a fair game or not

Solution Summary: The author explains that Mary's expected payback is zero and it is a fair game.

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Mary’s expected payback ($1.20 a cup) and decide if it is a fair game or not

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