a. A casino offers a game in which a player rolls a (fair) dice. If a \"6\" resu

Question

a. A casino offers a game in which a player rolls a (fair) dice. If a "6" results, the player wins $50.00. If any other number (1, 2, 3, 4 or 5) results, then the player wins nothing. It costs the player $7.50 each time to play the game. What is the expected profit (net winnings) for the player for a single play of the game?

Do not round intermediate calculations. Round your answer to two decimal places. Enter a "" sign immediately before a negative answer (i.e., negative expected profit).

Expected profit for player = $ _________

b. Using the same data as in Part a, what is the expected profit for the casino for a single play of the game?

Do not round intermediate calculations. Round your answer to two decimal places. Enter a "" sign immediately before a negative answer (i.e., negative expected profit).

Expected profit for casino = $ _________

c. Using the results from Parts a & b, would the player or the casino have the "advantage" each time this game is played? By "advantage," we are referring to a positive expected value. (Pick A or B)

A) Casino

B) Player

d. The casino also offers a different game in which a player rolls two dice at the same time. If the numbers match on the two dice, then the player wins $50.00. Otherwise, the player wins nothing. It costs the player $12.00 each time to play the game. What is the expected profit (net winnings) for the player for a single play of the game?

Do not round intermediate calculations. Round your answer to two decimal places. Enter a "" sign immediately before a negative answer (i.e., negative expected profit).

Expected profit for player = $ _____________

e. Using the same data as in Part d, what is the expected profit for the casino for a single play of the game?

Do not round intermediate calculations. Round your answer to two decimal places. Enter a "" sign immediately before a negative answer (i.e., negative expected profit).

Expected profit for casino = $ ____________

f. Using the results from Parts d & e, would the player or the casino have the "advantage" each time this game is played? By "advantage," we are referring to a positive expected value. (Pick A or B)

A) Casino

B) Player

g. In a real-world casino gambling scenario, would the player or the casino typically have the advantage?

A) Player

B) Casino

Explanation / Answer

a) Expected profit=50/6-7.5 = 5/6=0.83333

b) Expected profit = 7.5-50/6=-0.8333 or expected loss=0.8333333

c) Player has the profit each time

d) Expected profit = 50/6-12 = -22/6=-3.6666

e)Expeted profit=3.6666

f) Casino

g) Casino

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.