In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game. = Win a prize = Do not win a prize %3D 1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link below. Click to view hint 2. Create the probability distribution of the game. Fill in the missing parts of the chart. x + Number of Red Chips P(x) Result 1 Lose + Win + 3. Now find the expected value. x, Number of red chips X→ Net Money Won or Lost P(x) %24 4. What is the expected Value?
In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game. = Win a prize = Do not win a prize %3D 1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link below. Click to view hint 2. Create the probability distribution of the game. Fill in the missing parts of the chart. x + Number of Red Chips P(x) Result 1 Lose + Win + 3. Now find the expected value. x, Number of red chips X→ Net Money Won or Lost P(x) %24 4. What is the expected Value?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 43E
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Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Transcribed Image Text:In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side
The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if
one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is
this a fair game.
= Win a prize
= Do not win a prize
1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to
find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link
below.
Click to view hint
2. Create the probability distribution of the game. Fill in the missing parts of the chart.
x → Number of Red Chips
P(x)
Result
1
Lose +
Win +
3. Now find the expected value.
x, Number of red chips X → Net Money Won or Lost
P(x)
1
2$
4. What is the expected Value?
MacBook Air
D00
F3
F4
F5
F7
F8
$
*
4
5
7
8
9
6.
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