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Expected Value and Fairnesslauuctlons: Find the expected Jues ard arswer the questions based on tne given scenario: You and fricnd have created camival gare for You...

Question

Expected Value and Fairnesslauuctlons: Find the expected Jues ard arswer the questions based on tne given scenario: You and fricnd have created camival gare for Your classmates: You plan t0 charge 52 for cach time student play:. and the Payout for & win Is 55. According t0 your calculations, the probablllty ot win Is What your expected value for this gemetThe expected valueThls means that on avcrage, you can exPcct t0 Os2each time somcone plays your game;Mathematically; your gome considered

Expected Value and Fairness lauuctlons: Find the expected Jues ard arswer the questions based on tne given scenario: You and fricnd have created camival gare for Your classmates: You plan t0 charge 52 for cach time student play:. and the Payout for & win Is 55. According t0 your calculations, the probablllty ot win Is What your expected value for this gemet The expected value Thls means that on avcrage, you can exPcct t0 Os2 each time somcone plays your game; Mathematically; your gome considered "fair" game for you and the players?



Answers

Find the expected value (or expectation) of the games described. A die is rolled. Tom wins $\$ 2$ if the die shows an even number, and he pays $\$ 2$ otherwise.

Okay, So we will understand the concept of expected of and do okay. Yeah. However, even understand, two example. Okay, so let's suppose there is a person. Mr Ni. Okay, so he is interested in ruling attack. Okay, So what is the bad? Because when Mr De has a bag with this friend, Okay, if if an even number will come. Okay. So I will tell you the whole possible outcomes whenever you're on a diet. If an even number even then they will come. Okay, Mr Devil. Been $2 other ways. He will pay $2 to respect. Okay. What are they even members? 246 Visible went toe. What are the Are numbers 13 Okay. It means we have put the possible outcomes as six. Okay. 1234566 Possible outcomes. If you're older night. So out off this six, Only three numbers are even. Yeah. Okay, So this is the priority three by six. This is the priority number. If you will die and expect the even number will come. And what is the what? What is the other side? What is the priority If our number will come again three by six Because three numbers are all sort. One, 35 not divisible by two. So how will you get the expected value? Juggle multiple line these values. We got expert convicted, so I'm going to like the question. This is for winning situation. And this is what? Losing situation. Know at last what you will get. What do you think this will become? Going back to mhm. This will become compactor on this mind. Assigned will replace this place. Set. Mhm. Yeah. Okay. So what do you think you will get? Cancel our systems. What? You will get zero. Okay, So dollars zero is the expected value for the given scenario. And that's a forever solution. Thank you.

So this is a fun problem. So Tom is playing game where he's rolling a day. If it rules on an even number, then he wins $2. If it rolls on on number, he loses $2. So then we'll have the $2 associated with him winning, which would be 1/2 You've got 24 and six. Then he loses a dollar if it doesn't on a morsel of two times 1/2 and so in this war and pickling $0.

Okay, So Carol is rolling a day and she wants $3. The role shows a six, and she wants 50 cents otherwise. So then are expected value that $3 values associated with her rolling A six, which is gonna be on one sip chance. Then she gets 50 cents for any other. So maybe 56 and then we'll have 0 25 plus zero plane for, you know, we'll go ahead and do two, which is about 0.92

Okay, so we will understand the concept of expected that you okay? No, we will understand it to an example. Okay, so there is a person whose name is Mrs and okay. Okay, so she is interested in ruling or die. Okay, You need advice. Okay. Ruling that night. Now, what are the favorable outcomes or weakens the possible outcomes? Not favorable. Possible outcomes. Either one will come toe 345 or six. Okay, out of only these numbers will come. No, if Mrs End will roller die. So what is so what is the So what are the chances that a six That's six Welcome, Can it? In collecting can you think about it? Can if, let's say, Mr Angola day. So what is the priority? That six welcome There are possible outcomes are six and if six will come, there is only one chance. So one by sixties the priority. So what is the back? Actually, if six will come Mrs N Wilman $3. Otherwise otherwise what? Otherwise she is She will win on $5. So any number if any number will come apart from six. Then she will win $60.5. So what is the priority off any number apart from six in the same evil in the saving one means if Mrs and is going a die only one time. Okay, Either this will happen. Okay? Either this will happen. Or some any number. Will some any number of income. 1234 or five. Any number. So what is that? Property off course. Won by six only. Okay. Not any other. Now, how will How you will write expected value. You will multiply these probabilities with the amount associated with the winning off the game. So it's fun by six. Okay, it's fun by $63. Yeah, okay. With my six very deep, like one bikers. Mhm. So, at last, you will get when you will solve. You will solve this equation. You will get 0.91. Yeah. $7 a proxy region. Okay, so that is the expected early. Also on. That's for our solution.


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