Question

A game consists of rolling a colored die with three blue s des. two red sides, and oneWhite side A ro'l of blue loses, A roll of red pays $3,00, A roll of white pays $5.00 Tiecharge to play the game is $2.00 Would you play the game? Why or why not? What priceyou'd make this a fair game?

Answer 1

Given

3 blue sides, 2 red sides and 1 white side.

Find

What price you 'd make this a fair game.

Explanation

Probability of getting blue = 3/6

Probability of getting red = 2/6

Probability of getting white = 1/6

Probability distribution is

Expected value =

$\begin{gathered} \sum_^xP(x) \\ =(-2\times\frac{3}{6})+(-1\times\frac{2}{6})+(3\times\frac{1}{6}) \\ =-1+\frac{1}{6} \\ =-\frac{5}{6} \\ =-0.833 \end{gathered}$

It sis clear that expected value is negative. it suggests that the game should not be played.

Final Answer

No, i would not play the game