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Imagine yourself at a fair playing one of the midway games. Pick a game and calculate...

Imagine yourself at a fair playing one of the midway games. Pick a game and calculate the expected value and post your results along with how you calculated them. For example, you may decide to throw a basketball to try to win a $10 bear. You paid $2.00 for three shots. What is the expected value? (Please do not use this example in your answer).

Math   Statistics-And-Probability   
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Answer #1

Lets take example of playing shooting game

You may decide to target a balloon atleast twice to win $40. You paid $7 each for total of 3 shots

Lets say

H- Target hit

M- Target miss

(MMM, MMH, MHM, MHH, HMM, HMH, HHM, HHH)

Out of which cases where tyou won are: (MHH, HHM, HHH)

Thus, you will win 3 out of 8 times

Thus, expected amount to win

= P(win)*price

= 3/8 * 40

= $15

However, total expected gain = expected amount won - game fee

= 15 - 3*7

= - $6

Thus, player is expected to loose $6

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