ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
when playing at a casino your expected value means the amount you gain at a single play.
True or False
Expert Solution
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Step 1
The expected value of an event is its average gain or loss given several repetitions of the procedure. By multiplying each possibility by its likelihood, and then summing the results, we may determine the expected value.
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