HEART OF MATHEMATICS
4th Edition
ISBN: 9781119760061
Author: Burger
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 8.5, Problem 20MS
Making negative sense. In what kind of game or scenario might a negative payoff make sense?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
GAME THEORY
For the following game:
1. Find the saddle point.
2. What is the value of the game?
3. Interpret the solution.
4. The use of software to solve problems is not allowed.
Strike
Friend
Contrary
Retreat
5
Strike
Retreat
3
*Please be as clear and legible as possible. Show and explain in detail all the steps. Thank you.
8
4
While walking around you see a carnival game! The game has a 1% chance of you winning $150, a 3% chance of you winning $20, a 6% chance of you winning $6, and an 90% chance of you winning nothing. If the game costs $3 to play, how much should you expect to win (or lose) if you play this game once?
For the same situation, how much should you expect to win (or lose) if you play the game 300 times?
Can someone help me solve this? Please show your work. I have several problems like this one.
Chapter 8 Solutions
HEART OF MATHEMATICS
Ch. 8.1 - Doors galore. The 21st-century version of Lets...Ch. 8.1 - Birthday surprise. How many people would you need...Ch. 8.1 - Opposite of heads. Suppose you flip a coin 100...Ch. 8.1 - Penny percent. Suppose you flip a penny 50 times,...Ch. 8.1 - Party time. At a nephews party, you decide to...Ch. 8.1 - Flipping Lincoln. Flip a penny 100 times and...Ch. 8.1 - Flashing cards. Shuffle a standard deck of 52...Ch. 8.1 - King for a day. Remove three cards from a deck of...Ch. 8.1 - A card deal stick. Remove three cards from a deck...Ch. 8.1 - A card deal switch. Remove three cards from a deck...
Ch. 8.1 - A card reunion—black first (S). Using a shuffled...Ch. 8.1 - A card reunion (H). Using a shuffled deck of...Ch. 8.1 - Prob. 14MSCh. 8.1 - Prob. 15MSCh. 8.1 - Personal perspectives. Write a short essay...Ch. 8.1 - With a group of folks. In a small group, discuss...Ch. 8.1 - One Grecian urn. A large urn in your kitchen is...Ch. 8.1 - Two Grecian urns. Your math instructor keeps two...Ch. 8.1 - Pennies from heaven (H). Residents of your...Ch. 8.1 - Dating Penny. The pennies described in the...Ch. 8.1 - Changing your pants. You have 20 coins in your...Ch. 8.2 - Black or white? Your friend chooses his sartorial...Ch. 8.2 - Eleven cents. You have a dime and a penny. Flip...Ch. 8.2 - Yummm. You have a small bag of candy-coated...Ch. 8.2 - Rubber duckies. A game at a carnival has 75 rubber...Ch. 8.2 - Legally large. What does the Law of Large Numbers...Ch. 8.2 - Lincoln takes a hit. On your wall is a poster...Ch. 8.2 - Giving orders. Order the following events in tenns...Ch. 8.2 - Two heads are better. Simultaneously flip a dime...Ch. 8.2 - Tacky probabilities. Before doing the following...Ch. 8.2 - BURGER AND STARBIRD. Suppose you randomly select a...Ch. 8.2 - Monty Hall. Read and rework the Lets Make a Deal...Ch. 8.2 - 7 or 11 (S). What is the probability of rollign a...Ch. 8.2 - D and D. You simultaneously flip a dime and roll a...Ch. 8.2 - The top 10 (ExH). Suppose you have 10 marbles....Ch. 8.2 - One five and dime (II). Someone simultaneously...Ch. 8.2 - Five flip. Someone flips five coins, but you dont...Ch. 8.2 - Flipped out. We take a coin and flip it 10,000,000...Ch. 8.2 - Spinning wheel. A roulette wheel has 36 spaces...Ch. 8.2 - December 9. Choose two people at random. What is...Ch. 8.2 - High roller (H). Using two fair dice, what is the...Ch. 8.2 - Double dice. You roll two fair dice. What is the...Ch. 8.2 - Sifly puzzle. After a professor explains the...Ch. 8.2 - Just do it. Find groups of roughly 35 people...Ch. 8.2 - No matches (S). Suppose 40 people are in a room....Ch. 8.2 - Spinner winner. If you were to spin the wheel...Ch. 8.2 - Flip side (S). Someone flips three coins behind a...Ch. 8.2 - Other flip side. Someone flips three coins behind...Ch. 8.2 - Blackjack. From a regular deck of 52 playing...Ch. 8.2 - Be rational (ExH). Suppose someone has randomly...Ch. 8.2 - Well red (H). Someone shows you three cards. One...Ch. 8.2 - Regular dice. Dungeons and Dragons players use...Ch. 8.2 - Take your seat. You decide to fly to California on...Ch. 8.2 - Eight flips. What is the probability of flipping a...Ch. 8.2 - Lottery (S). The lottery in an extremely small...Ch. 8.2 - Making the grade. What is wrong with the following...Ch. 8.2 - Dont squeeze. Five shoppers buy Charmin toilet...Ch. 8.2 - Birthday cards. Using a regular deck of 52 playing...Ch. 8.2 - Too many boys. Long, long ago and far, far away,...Ch. 8.2 - Three paradox (H). The correct probability of...Ch. 8.2 - Whats the big event? The section defines the...Ch. 8.2 - Tallying totals. For each given probability below,...Ch. 8.2 - Algebra roulette. Your math instructor has created...Ch. 8.2 - Probability beans. The jellybean jar on your math...Ch. 8.2 - Picking up the tab (H). Ed and Mike go out to...Ch. 8.3 - Daily deaths. About 58 million people die every...Ch. 8.3 - Wake-up call. Suppose you wake up each morning and...Ch. 8.3 - More than 12 monkeys. What does the Infinite...Ch. 8.3 - Get shorty. Who was Georges Louis Leclerc Comte de...Ch. 8.3 - Nothing but heads. If you flip a fair coin three...Ch. 8.3 - Pick a number. Pick a number from the following...Ch. 8.3 - Personal coincidences. List three coincidences you...Ch. 8.3 - No way. It is the last Sunday of spring break and...Ch. 8.3 - Prob. 10MSCh. 8.3 - Unlucky numbers. Suppose you randomly picked 1000...Ch. 8.3 - A bad block (S). Suppose 1054 people died in...Ch. 8.3 - Coin toss test. Ask two friends to help you repeat...Ch. 8.3 - DeceptIve dice (ExH). You asked three friends to...Ch. 8.3 - Murphys Law. If something can go wrong, it will....Ch. 8.3 - Drop the needle. Try Buffons needle experiment by...Ch. 8.3 - IBM again (H). Suppose we try the IBM...Ch. 8.3 - The dart index. Take a page of stock quotes from a...Ch. 8.3 - Random walks. Using a piece of graph paper, a...Ch. 8.3 - Random guesses (S). A multiple-choice test has 100...Ch. 8.3 - Random dates. There is a room filled with exotic...Ch. 8.3 - Random phones (H). Suppose you roll a 10-sided die...Ch. 8.3 - Fourever (ExH). Suppose you roll a die repeatedly,...Ch. 8.3 - Pick a number, revisited. In Mindscape 6, did you...Ch. 8.3 - Good start (H). Suppose the monkey is typing using...Ch. 8.3 - Even moves. Suppose you embark on a random walk on...Ch. 8.3 - Playing the numbers. Here is a numbers game. You...Ch. 8.3 - Random results. Someone looks at a list of 10,000...Ch. 8.3 - Monkey names. Suppose we have a monkey typing on a...Ch. 8.3 - The streak. Suppose you flip a fair coin 10 times...Ch. 8.3 - Girl, Girl,... (S). A couple has eight children....Ch. 8.3 - One mistake is okay. Suppose we try the IBM...Ch. 8.3 - Picking and matching. You and a friend...Ch. 8.3 - Picking and matching. You and a friend...Ch. 8.3 - Dice are different (ExH). In Mindscape 14 you...Ch. 8.3 - Death row (H). You may have noticed that two pairs...Ch. 8.3 - Striking again. Consider the striking deal game...Ch. 8.3 - Random returns. Suppose we take a random walk on...Ch. 8.3 - Random natural. Suppose you have a 10-sided die...Ch. 8.3 - Ace of spades. You randomly shuffle a deck of...Ch. 8.3 - Flipping out. You flip a coin eight times and get...Ch. 8.3 - Random reigns (H). Your (very egalitarian) school...Ch. 8.3 - Survey says... A survey in your intro psychology...Ch. 8.3 - Rock n roll. As a project in your Geology and Art...Ch. 8.3 - Random pitch. During a practice game, your...Ch. 8.4 - Have a heart. If you draw a card from a regular...Ch. 8.4 - Have a head. You ffip a coin 10 times. What is the...Ch. 8.4 - Sunny surprise. Suppose the chances are 1 in 2...Ch. 8.4 - Elephant ears. Suppose a quarter of all the...Ch. 8.4 - Little deal. In how many ways can you select three...Ch. 8.4 - The gym lock. A lock has a disk with 36 numbers...Ch. 8.4 - The dorm door. A dormitory has an electronic lock....Ch. 8.4 - 28 cents. How many different ways can you make 28...Ch. 8.4 - 82 cents. How many different ways can you make 82...Ch. 8.4 - Number please. Someone you really wanted to go out...Ch. 8.4 - Dealing with jack. Suppose you deal three cards...Ch. 8.4 - MA Lotto (H). To win the jackpot of the...Ch. 8.4 - NY Lotto (H). To win the jackpot of the New York...Ch. 8.4 - OR Lotto. To win the jackpot of the Oregon lottery...Ch. 8.4 - Burger King (S). You take a summer job making...Ch. 8.4 - More burgers. Suppose you are working at a burger...Ch. 8.4 - NetFlix. You have 65 movies on your NetFlix queue....Ch. 8.4 - Cineplex (ExH). Your local Cineplex is showing...Ch. 8.4 - One die. You roll a fair die four times. What is...Ch. 8.4 - Dressing for success. You have 5 T-shirts, 10...Ch. 8.4 - Band stand. The Drew Aderburg Band is planning a...Ch. 8.4 - Mondays undies. You are spending the weekend at a...Ch. 8.4 - Prob. 23MSCh. 8.4 - Cranking tunes. Your car stereo can be programmed...Ch. 8.4 - The Great Books. There are 20 Great Books, from...Ch. 8.4 - Morning variety (S). You wish to have a different...Ch. 8.4 - Blind mans bluff. You and a friend each pick a...Ch. 8.4 - Crime story (ExH). Suppose 20 witnesses saw...Ch. 8.4 - Theres a 4 (H). Someone you really want to go out...Ch. 8.4 - Making up the test. Your math prof says there will...Ch. 8.4 - Moving up. You have a part4ime job in a department...Ch. 8.4 - Counterfeit bills. You are given ten $100 bills...Ch. 8.4 - Car care. A burglar wishes to break into a car...Ch. 8.4 - Coins count. On your bureau you have a half...Ch. 8.4 - Math mania. There are 90 students enrolled in Math...Ch. 8.4 - Party on. You want to throw a party and can invite...Ch. 8.4 - No dice (H). You roll a pair of dice 24 times....Ch. 8.4 - Three angles. Draw 10 points on a piece of paper...Ch. 8.4 - Four parties (ExH). You want to have a party and...Ch. 8.4 - Making the cut. In 1988, the ignition keys for...Ch. 8.4 - Parental pride. The number of pictures you have of...Ch. 8.4 - Sister, Sister. The number of students in a...Ch. 8.4 - In search of a cubic. This section explains that...Ch. 8.4 - Cancellation! (H) This section explains that the...Ch. 8.4 - Keep on cancellin! Building on the previous...Ch. 8.5 - No pop quizzes. Your instructor gives mom quizzes...Ch. 8.5 - No easy quizzes (S). Your instructor starts giving...Ch. 8.5 - Silly sickness. Based on your symptoms, your...Ch. 8.5 - Making an algebra-down. Consider the equation...Ch. 8.5 - A beautiful mind. Who was John Nash? Give as many...Ch. 8.5 - Upon further study. On your instructor quizzes,...Ch. 8.5 - Power pass (ExH). The matrix below gives the yards...Ch. 8.5 - Pass with a p. Suppose the defense referred to in...Ch. 8.5 - Random run. Suppose now in Mindscape 7 the defense...Ch. 8.5 - Another random nm. Suppose now the defense...Ch. 8.5 - Lining up the defense (S). Using the payoff matrix...Ch. 8.5 - De-lines of defense. Using the payoff matrix in...Ch. 8.5 - Approximate Nash (ExH). Take the two lines from...Ch. 8.5 - Precise Nash. Use your answers to Mindscapes 8 and...Ch. 8.5 - Positive payoof (H). Below is a payoff matrix for...Ch. 8.5 - Estimating the equilibrium. Estimate the...Ch. 8.5 - Exacting the equilibrium. Find equations for the...Ch. 8.5 - Payoffs need not be positive. Heres a payoff...Ch. 8.5 - Negative equilibrium. Find equations for the two...Ch. 8.5 - Making negative sense. In what kind of game or...Ch. 8.5 - Colin and Tubbes. When first grader Cohn comes...Ch. 8.5 - Cohn and Tubbes 50—50. Suppose in Mindscape 21...Ch. 8.5 - Averaging Cohn and Tubbes. Suppose p is the...Ch. 8.5 - Colin and Tubbes line up (ExH). Referring to...Ch. 8.5 - Colin and Tubbes with a dash of Nash (S). Find the...Ch. 8.5 - Diagnosis. Based on your symptoms, your doctor...Ch. 8.5 - Sploosh test (H). Given the scenario in the...Ch. 8.5 - Diagnose the data. Using the data from the...Ch. 8.5 - My theory ... You are a paleontologist who finds...Ch. 8.5 - Going stag. Two Englishmen, Neville and Winston,...Ch. 8.5 - Selling sweets. Two snack cake companies, Snacky...Ch. 8.5 - Prisoners dilemma. Two people are suspected of...Ch. 8.5 - Match point. Find the coordinates (p,y) where the...Ch. 8.5 - Match lines. Find an equation for the line passing...Ch. 8.5 - Unmatched slopes. Two lines intersect at the point...Ch. 8.5 - Plotting percentages. Of the students in your...Ch. 8.5 - Itching for x (H). You go to the Health Center...
Additional Math Textbook Solutions
Find more solutions based on key concepts
56. Power Voting and Coalitions. Use the Web investigate the political coalitions at the national level in a pa...
Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)
In Exercises 5-36, express all probabilities as fractions.
23. Combination Lock The typical combination lock us...
Elementary Statistics
CHECK POINT I You deposit $3000 in s savings account at Yourtown Bank, which has rate of 5%. Find the interest ...
Thinking Mathematically (6th Edition)
Find the coordinate point of Z.
Pre-Algebra Student Edition
Trigonometric limits Use Theorem 3.11 to evaluate the following limits. 11. limx0tan5xx
Calculus: Early Transcendentals (2nd Edition)
In Exercises 25–28, use the confidence interval to find the margin of error and the sample mean.
25. (12.0, 14....
Elementary Statistics: Picturing the World (7th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- Analysts have determined that an upcoming business deal, which costs the company $40000 to initiate, has a 10% chance of generating $300000 of revenue, and a 60% chance of generating $80000 of revenue. Otherwise, the program will generate no revenue at all. On average, how much money will this type of business deal make or lose for the company?arrow_forwardIf the Round Game had been discontinued before the last quarter, what would operating income have been for the company as a whole? Operating income without round $__________ Twinkie Trivia Co. manufactures and sells two trivia products, the Square Trivia Game and the Round Trivia Game. Last quarter’s operating profits, by product, and for the company as a whole, were as follows: Square Round Total Sales revenue $11,000 $6,600 $17,600 Variable expenses 4,400 3,000 7,400 Contribution margin 6,600 3,600 10,200 Fixed expenses 2,750 4,200 6,950 Operating income $ 3,850 $(600) $ 3,250 Forty percent of the Round Game’s fixed costs could have been avoided if the game had not been produced or soldarrow_forwardA lawyer, considering taking a case figures that there is a two and five chances of winning the case in the court and earning his firm $400,000, a two and five chances of losing and costing his firm $250,000, and a one and five chances of settling out of court and bringing in $200,000. Should the lawyer take the case based on his expected payoff? explain using mathematical argument.arrow_forward
- . The table below states the payoffs in political points (measured in billions of rubles) to two nations that are rivals in world politics, Russia and Ukraine. Each country can take one of two courses: peace; or war. In each cell, the first payoff is for Russia, and the second payoff is for Ukraine. (a) Assume that neither country observes the military strategy of its rival, and solve the game (if it can be solved). Explain your solution step-by-step. Does this outcome maximize total political points? (b) In general, what is a Nash equilibrium? Is the solution to this game a Nash equilibrium? (c) Suppose that each country deposits a fund of two billion rubles with the United Nations. Either country would forfeit this fund if it wages war. What is the solution now to the game? Is this a Nash equilibrium? Russia, Ukraine Peace War Peace 4,4 1, 5 War 5, 1 2,2arrow_forward4arrow_forwardIn this Decision Point activity, you began to explore game theory: specifically, how your outcomes are dependent not just on your own choices, but also on the reactions of competitors. Use what you learned from this decision point, and information from the chapter to answer the following question. Suppose Nike and Adidas are considering whether to develop new advertising campaigns. For each pair of strategies, the blue triangle shows Nike's payoff and the yellow triangle shows Adidas's payoff, in billions. Use this information to complete the sentences. Adidas's choices Advertise Do not advertise Advertise $6b Nike's choices -$3b $6b $14b Do not advertise $14b $10b -$3b $10b The best outcome for Nike is to choose and for Adidas to choose If Adidas chooses not to advertise, their best result will happen if Nike chooses The Nash equilibrium for this advertising game is for Nike to choose and for Adidas Answer Bank to advertise not to advertisearrow_forward
- You and your friends decide to play a game. You are rolling a die. If you roll a 6, you win $5. If you roll a 1, 3, or 5, you win $3. If you roll a 2, you win $4. If you roll a 4, you win $1. You only want to play the game if your expected payout is more than $3.50. Should you play the game? Show work to support the answer.arrow_forwardA regional fast-food restaurant is considering an expansion program. The major factor influencing the success of such a program is the future level of interest rates. It is estimated that there is a 20% chance that interest rates will increase by 2 percentage points, a 50% chance that they will remain the same, and a 30% chance that they will decrease by 2 percentage points. The alternatives they are considering and possible payoffs are shown in the following table. Build 50 restaurants Build 25 restaurants Do nothing Rates up 2% - $220,000 -$125,000 - $60,000 Which alternative is best, based on expected value? O They should build 50 restaurants. O They should build 25 restaurants O They should do nothing. Rates unchanged Rates down 2% $55,000 $25,000 $0 $151,000 $83,000 $5,000arrow_forwardIn two player’s dynamic games the player who moves second gets the advantage because we solve the game backwards. Explain why or why not?arrow_forward
- Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?arrow_forwardCalifornia Lotto officials want to try out a new "big wheel" game. This new game actually consists of two big wheels (spinners). The contestants spin Spinner 1, and then immediately after, they spin Spinner 2 to determine the "multiplier." When both spinners have stopped turning, the dollar amount shown on Spinner 1 is multiplied by the "multiplier" on Spinner 2 and the contestant wins that much money. $100800 20 50 150dp $1000 0.5 135° s5000 100 Spinner 1 Dollars Spinner 2 Multipliers What is the probability of winning the largest amount of money?arrow_forwardInvesting: Lesser-Known Stocks The following question is based on the following information about the stocks of Whitestone REIT, HCC Insurance Holdings, Inc., and SanDisk Corporation. Price ($) Dividend Yield (%) WSR (WSR Whitestone Reit) 16 7 HCC (HCC Insurance Holdings, Inc.) 56 2 SNDK (SanDisk Corporation) 80 2 You invested a total of $11,600 shares of the three stocks at the given prices, and expected to earn $272 in annual dividends. If you purchased a total of 200 shares, how many shares of each stock did you purchase? WSR Shares HCC Shares SNDK Sharesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Solve ANY Optimization Problem in 5 Steps w/ Examples. What are they and How do you solve them?; Author: Ace Tutors;https://www.youtube.com/watch?v=BfOSKc_sncg;License: Standard YouTube License, CC-BY
Types of solution in LPP|Basic|Multiple solution|Unbounded|Infeasible|GTU|Special case of LP problem; Author: Mechanical Engineering Management;https://www.youtube.com/watch?v=F-D2WICq8Sk;License: Standard YouTube License, CC-BY
Optimization Problems in Calculus; Author: Professor Dave Explains;https://www.youtube.com/watch?v=q1U6AmIa_uQ;License: Standard YouTube License, CC-BY
Introduction to Optimization; Author: Math with Dr. Claire;https://www.youtube.com/watch?v=YLzgYm2tN8E;License: Standard YouTube License, CC-BY