Business, 02.03.2020 23:04 johnnybones03

In a new card game, you start with a well-shuffled full deck and draw 3 cards without replacement. If you draw 3 hearts, you win $50. If you draw 3 black cards, you win $25. For any other draws, you win nothing.

(a) Create a probability model for the amount you win at this game, and find the expected winnings. Also compute the standard deviation of this distribution.
(b) If the game costs $5 to play, what would be the expected value and standard deviation of the net profit (or loss)?
(c) If the game costs $5 to play, should you play this game?

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 06:00, esnyderquintero

Cash flow is often a problem for small businesses. how can an entrepreneur increase cash flow? a) locate lower-priced suppliers. b) forego sending in estimated tax payments to the irs c) shorten the terms on a bank loan to pay it off more quickly d) sell more low-margin items.

Answers: 1

continue

Business, 22.06.2019 11:30, kaylabethany

Mai and chuck have been divorced since 2012. they have three boys, ages 6, 8, and 10. all of the boys live with mai and she receives child support from chuck. mai and chuck both work and the boys need child care before and after school. te boys attend the fun house day care center and mai paid them $2,000 and chuck paid them $3,000. mai's agi is $18,000 and chuck's is $29,000. mai will claim two of the boys as dependents. she signed form 8332 which allows chuck to claim one of the boys. who can take the child and dependent care credit?

Answers: 3

continue

Business, 22.06.2019 14:30, 20guadalupee73248

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false

Answers: 1

continue

Business, 22.06.2019 20:40, duhfiywge8885

Consider an economy where the government's budget is initially balanced. the production function, consumption function and investment function can be represented as follows y equals k to the power of alpha l to the power of 1 minus alpha end exponent c equals c subscript 0 plus b left parenthesis y minus t right parenthesis i equals i subscript 0 minus d r suppose that taxes increase. what happens to the equilibrium level of output?

Answers: 1

continue

You know the right answer?

In a new card game, you start with a well-shuffled full deck and draw 3 cards without replacement. I...