BUSINESS HIGH SCHOOL

ou are given 6 to 1 odds against tossing three heads with three coins, meaning you win $6 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Would you expect to win or lose money in 1 game? In 100 games? Explain.

Answers

Answer 1
Answer:

Answer:

EV = $-0.125

For one game, the outcome cannot be predicted, even though you are more likely to lose money.

For 100 games, you are expected to lose about $12.50

Explanation:

Expected value is the sum of the product of all possible outcomes by their payouts. In this case, there are only 2 possible outcomes. You either win by tossing 3 three heads with three coins or lose.

The probability of winning (P(w)) is:

P(w)=0.5*0.5*0.5\nP(h)=0.125

Therefore, the probability of losing (P(l)) is:

P(l)=1-0.125\nP(l)=0.875

The expected value (EV) for the game is:

EV= 6*0.125 - (1*0.875)\nEV = -0.125\n

For one game, the outcome cannot be predicted, even though you are more likely to lose money than win. As for 100 games, since the expected value is negative, you are expected to lose money (about $12.50).
Answer 2
Answer:

Final answer:

The expected value of the game, where you win $6 if you get three heads on three coin tosses and lose $1 otherwise, is -$0.62. This indicates that you will lose, on average, about 62 cents per game, making it an unwise game to play if the aim is to win money.

Explanation:

The subject of this question is the expected value concept in mathematics, specifically in probability theory. To calculate the expected value of the game, you need to multiply the probability of winning by the amount won and subtract the product of the losing probability and the amount lost. In this case, you are given 6 to 1 odds against tossing three heads with three coins, meaning you win $6 if you succeed and you lose $1 if you fail.

The possible outcomes when tossing three coins are: 3 heads, 2 heads-1 tail, 1 head-2 tails, or 3 tails. Each of these outcomes has an equal probability of 1/8 or 0.125 because there are 8 possible outcomes. The only way to win the game is to get 3 heads, so the probability of winning is 0.125 and the probability of losing is 1 - 0.125 = 0.875.

To calculate the expected value, multiply the probability and the respective payoff (gain or loss). Therefore it is: Expected Value = (0.125) * ($6) - (0.875) * ($1) = -$0.62. This means that on average, you'll lose about 62 cents per game, so it would not be a good idea to play this game if the goal is to make money.

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Answers

Answer:

The correct answer is higher costs for students.

Explanation:

The disadvantage of adding a salad bar to a school lunch menu would be that it would increase costs for students. This is due to increased school lunch expenses, and although healthy food intake will increase because salads are healthier and healthier, the cost of lunch will be higher.

Have a nice day!
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Answers

I think A. 25%

Note I am not 100% sure

Answer:

c

Explanation:

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Answers

Answer:

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Explanation:

Subsidy is an amount of money given to companies by the government to boost production. It is an intervention by the government when economic situation in the free market is unfavourable.

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Answers

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How to find the difference ?

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