c. interpret the expected value.\nif you play many games you will likely win on average very close to $2.83…

c. interpret the expected value.\nif you play many games you will likely win on average very close to $2.83 per game.\nthis is the most likely amount of money you will win.\nyou will win this much if you play a game.\nd. based on the expected value, should you play this game?\nno, since the expected value is negative, you would be very likely to come home with less money if you played many games.\nyes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost.\nno, this is a gambling game and it is always a bad idea to gamble.\nyes, since the expected value is positive, you would be very likely to come home with more money if you played many games.\nyes, because you can win $7.00 which is greater than the $10.00 that you can lose.\nhint:\nhint\nvideo on expected value +

c. interpret the expected value.\nif you play many games you will likely win on average very close to $2.83 per game.\nthis is the most likely amount of money you will win.\nyou will win this much if you play a game.\nd. based on the expected value, should you play this game?\nno, since the expected value is negative, you would be very likely to come home with less money if you played many games.\nyes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost.\nno, this is a gambling game and it is always a bad idea to gamble.\nyes, since the expected value is positive, you would be very likely to come home with more money if you played many games.\nyes, because you can win $7.00 which is greater than the $10.00 that you can lose.\nhint:\nhint\nvideo on expected value +

Answer

Brief Explanations:

The expected value in probability - theory represents the long - run average outcome. For part c, the expected value is the average win per game over many games. For part d, a positive expected value means that on average, one will gain money over many games.

Answer:

c. If you play many games you will likely win on average very close to $2.83 per game. d. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games.