In a certain game it is possible to win either 1,2,3,4, or 5 dollars. The probability...

In a certain game it is possible to win either 1,2,3,4, or 5 dollars. The probability of winning d dollars is proportional to 1/d.

(a) What is the probability of winning d dollars (d ∈{1,2,3,4,5})?

(b) Would you play this game for $4? What about for $3? Hint. You must calculate the expected value for this problem!

(c) What is the variance of the expected winnings of this game?

Expert Solution

orchestra answered 1 year ago

The probability that a certain hockey team will win any given game is 0.3628 based on...

The probability that a certain hockey team will win any given game is 0.3628 based on their 13 year win history of 377 wins out of 1039 games played (as of a certain date). Their schedule for November contains 12 games. Let X = number of games won in November. Find the probability that the hockey team wins at least 7 games in November. (Round your answer to four decimal places.) Please use TI-84 calculator not excel. Thanks!

In a gambling game, on every play, there is a 0.1 probability that you win $7...

In a gambling game, on every play, there is a 0.1 probability that you win $7 and a 0.9 probability that you lose $1. What is the expected value of this game?

Assume a random variable X with four possible outcomes {1,2,3,4}, each with the probability θ/2, θ/2,...

Assume a random variable X with four possible outcomes {1,2,3,4}, each with the probability θ/2, θ/2, (1-θ)/3, and (2-2θ)/3, respectively. We observe the following samples {1,1,1,2,2,3,3,4,4,4}. Derive the maximum likelihood estimate of θ.

Game of dice - fair dice: If I throw a number >= 5 I win. If...

Game of dice - fair dice: If I throw a number >= 5 I win. If he throws a number =< 4 he wins. I throw the first dice. Given that he loses(throws a number >4) what is the probability of me winning ? What is the expected number of throws before either of us wins?

Explain why win-win situation is better than trade is a zero-sum game.

Promoting international trade is not a zero-sum game. It is a win-win proposition; both parties gain...

Promoting international trade is not a zero-sum game. It is a win-win proposition; both parties gain from trade. Consider the following: Tariffs are paid by the citizens of the country imposing tariffs, not by the citizens of the country producing the products upon which the tariffs are levied. The term “trade deficits” is a misnomer. Every country’s trade is always in balance. Trade deficits do not mean the US no longer produces anything to export. The US is the world’s...

The following is the transition probability matrix of a Markov chain with states 1,2,3,4 ⎛⎞ .4...

The following is the transition probability matrix of a Markov chain with states 1,2,3,4 ⎛⎞ .4 .3 .2 .1 P=⎜.2 .2 .2 .4⎟ ⎝ .25 .25 .5 0 ⎠ .2 .1 .4 .3 (a) find the probability that state 3 is entered before state 4; If X0 = 1 (b) find the mean number of transitions until either state 3 or state 4 is entered.

Use 5% level of significance. At the fifth hockey game of the season at a certain...

Use 5% level of significance. At the fifth hockey game of the season at a certain arena, 200 people were selected at random and asked as to how many of the previous four games they had attended. The results are given in the table below. Number of games previously attended Number of People 0 33 1 67 2 66 3 15 4 19 Test the hypothesis that these 200 observed values can be regarded as a random sample from a binomial distribution,where ‘θ’ is the...

16. Which one do you agree, “trade is a zero-sum game” or “trade is a win-win...

16. Which one do you agree, “trade is a zero-sum game” or “trade is a win-win situation”? Explain your answer.

A biased coin has probability p = 3/7 of flipping heads. In a certain game, one...

A biased coin has probability p = 3/7 of flipping heads. In a certain game, one flips this coin repeatedly until flipping a total of four heads. (a) What is the probability a player finishes in no more than 10 flips? (b) If five players independently play this game, what is the probability that exactly two of them finish in no more than ten flips?

Question