Question

In a game, the chance of winning a big prize, a small prize and nothing is equally likely. The game is played 8 times.

a.) Describe the sample space. How would you denote the outcomes? How do you assign probabilities to each outcome?

b.) What is the probability of winning exactly 2 big and 3 small prizes in the 8 games?

c.) How many different configurations of numbers of big, small and numbers of losses are possible in the 8 games?

Answer #1

a casino game prize .2 chance of winning $10, .3 chance of
winning $5, .4 chance of winning $1 and a .1 chance of losing and
getting nothing. What is the break even value?

The chance of winning a lottery game is 1 in approximately 2323
million. Suppose you buy a $1 lottery ticket in anticipation of
winning the $77 million grand prize. Calculate your expected net
winnings for this single ticket. Interpret the result. Find
muμequals=Upper E left parenthesis x right parenthesisE(x).
muμequals=nothing

Assume that the Cleveland Browns football team independently has
a 70% chance to win any game that they play. In a regular season,
they play 16 games for which the outcomes can only be win or loss.
(disregard the notion of a tie being a possibility)
(PLEASE SHOW ALL WORK ON WRITTEN, WORK SHOWN SHEET,
INPUT FINAL ANSWERS BELOW)
(a) What is the probability of the Browns winning exactly 12
games? (Show your calculation using formula provided)
(b) What is...

You pay $20 to play a game of chance. You will win $80 if you
spin a “7”, and you will win $30 if you spin an even number. All
other outcomes you will make you lose. (Board numbers are from
1-8)
a. Find the expectation of this game.
b. Is it a fair game? Explain.
c. How much must be charged for the game to be fair?

Suppose you went to a fundraiser and you saw an interesting
game. The game requires a player to select five balls from an urn
that contains 1000 red balls and 4000 green balls. It costs $20 to
play and the payout is as follows:
Number of red balls
Prize
0
$0
1
$20
2
$25
3
$50
4
$100
5
$200
Questions:
1) Is this a binomial experiment? If so, explain what p, q, n,
and x represent and find...

The game requires $5 to play, once the player is admitted, he
or she has the opportunity to take a chance with luck and pick from
the bag. If the player receives a M&M, the player loses. If the
player wins a Reese’s Pieces candy, the player wins. If the player
wins they may roll a dice for a second turn, if the die rolls on a
even number, they may pick from the bag once again with no extra...

regional automobile dealership sent out fliers to
prospective customers indicating that they had already won one of
three different prizes: an automobile valued at
$28,000,a $125 gas card, or a $5 shopping card. To
claim his or her prize, a prospective customer needed to present
the flier at the dealership's showroom. The fine print on the back
of the flier listed the probabilities of winning. The chance of
winning the car was 1 out of 31,382,
the chance of winning...

Bunco is a group dice game that requires no skill. The objective
of the game is to accumulate points by rolling certain
combinations. The game is played with three dice, but we will
consider a simpler version involving only two dice. How do you play
two dice Bunco? There are six rounds, one for each of the possible
outcomes in a die, namely the numbers one through six. Going
clockwise, players take turns rolling two dice trying to score
points....

One of the ways that players can increase their odds of winning
at blackjack is by keeping track of what cards have been played,
and using that information to decide what to do. To counteract this
strategy, casinos usually run games with 6 to 8 decks shuffled
together and machines to continuously shuffle the cards, making it
all but impossible to count the cards. As a result, when
calculating odds for casino games of blackjack we can make the
simplifying...

A roulette wheel has 38 numbers. Eighteen of the numbers are
black, eighteen are red, and two are green. When the wheel is spun,
the ball is equally likely to land on any of the 38 numbers. Each
spin of the wheel is independent of all other spins of the wheel.
One roulette bet is a bet on black—that the ball will stop on one
of the black numbers. The payoff for winning a bet on black is $2
for...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 51 seconds ago

asked 55 seconds ago

asked 1 minute ago

asked 1 minute ago

asked 5 minutes ago

asked 8 minutes ago

asked 11 minutes ago

asked 12 minutes ago

asked 16 minutes ago

asked 20 minutes ago

asked 31 minutes ago

asked 31 minutes ago