johnny is challenged to a single - player game with an expected value of 1. which statement below is…

johnny is challenged to a single - player game with an expected value of 1. which statement below is true?\nit is a fair game.\nit is a favorable game.\nit is unfavorable game.\njohnny cannot determine whether the game is fair without knowing the rules.

johnny is challenged to a single - player game with an expected value of 1. which statement below is true?\nit is a fair game.\nit is a favorable game.\nit is unfavorable game.\njohnny cannot determine whether the game is fair without knowing the rules.

Answer

Brief Explanations:

  • A fair game has an expected value of (0). Since the expected value here is (1>0), it is not a fair game.
  • If the expected value of a game is positive ((E(X)>0)), the game is favorable. Here, (E(X) = 1>0).
  • An unfavorable game has (E(X)<0). Since (1>0), it is not unfavorable.
  • We can determine the nature (favorable in this case) based on the expected value formula (E(X)=\sum_{i}x_ip_i) and the rule that (E(X)>0) implies favorable.

Answer:

It is a favorable game.