Chumash casino had a game similar to lets make a deal with, Ask an Expert

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Chumash Casino had a game similar to Let's Make a Deal with four possible outcomes. The casino owners were impressed that we gured out their game's probabilities but upset that the game favored the gambler on average (and were even more upset that we took advantage of their system to make lots of money). In a compromise, we decide to help the casino create a FAIR game in exchange to keep the casino from breaking our right arm. Let Y represent the amount of money you will lose or gain (in hundreds of dollars). Y is a random variable with pdf

y -10 y 3.5 17
P(Y = y) 0.22 0.32 p 0.15

(a) find out the value of p.
(b) What value for y will make the game fair to the casino and gambler on average?
(c) What is the probability that the you will leave home with extra money?
(d) Compute the variance of the amount of money you will lose or gain.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M999612

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