Consider the game of craps designed by Econ 261 Hotel students. The game consists of rolling...

Consider the game of craps designed by Econ 261 Hotel students. The game consists of rolling two fair six-sided dice. You win a dollar if the sum of the dots on the two dice is 2, 3, 4, or 5; if the sum of the dots on the two dice is 9, 10, 11, or 12 you lose a dollar. You win nothing, (that is you get $0) if the sum is 6, 7, or 8. The variance of X, Var(X) is:

Expert Solution

Here we have x is the random variable

X: No of dollers you will win

Corresponding probabilities are given from the sum of dots on the dies

Remaining detail answer given in the following images

orchestra answered 2 years ago

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