In the final round of a tv game show contestants have a, Ask an Expert

Economics

In the final round of a tv game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91721976

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