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spruckj spruckj
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5 years ago

Question 1.

Consider the following game. You pick a card from a deck and each time you select an ace, you get $260. For all other cards you must pay $13. What is the expected value of the game?



▸ -$12

▸ $0

▸ $8

▸ $32

Question 2.

Consider the following game. You roll a 6-sided die and each time you roll a 1, you get $50. For all other outcomes you pay $10. The $50 when you "win" and the -$10 when you "lose" are known as



▸ payoffs.

▸ winnings and losings, respectively.

▸ incentives.

▸ expected values.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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gumpfablegumpfable
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spruckj Author
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Smart ... Thanks!
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