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Mathematics, 21.10.2020 16:01 jodiconklin2358
The entry fee is $11, and the entrants make the recipes at home and vote for their favorite, which cannot be their own recipe. The top 2 finishers win money. First place wins $58, and second place wins $48. You give yourself an X chance of finishing in the top 2, and if you finish top 2, then you have an equal chance of finishing first or second.
Required:
What is x such that entering this tournament is a fair gamble for you as an expected value maximizer?
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Answers: 2
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