Math-Fair Game question

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the game of dots is played by rolling a fair die and receiving 1$ for each dot showing on the top face of the die. What cost should be set for each roll if the game is to be considered a fair game?

  • Math-Fair Game question -

    expected value
    = (1/6)(1) + (1/6)(2) + (1/6)(3) + (1/6)(4) + (1/6)(5) + (1/6)(6)
    =(1/6)(1+2+3+4+5+6) = 21/6
    = 3.5

    so a fair cost would be $3.50

  • Math-Fair Game question -

    Expected Value
    • Making choices by comparing their expected values is a pervasive method of analysis because of its ease of computation and its power. Let’s say you roll a fair die and you were paid, in dollars, the number that landed face up from a fair die roll, what is the most you would pay to play that game? If you were to pay this amount and play this game repeatedly, over a long period of time, how much money would you expect to gain or lose, on average? What if you paid more to play the game? What if you paid less?

  • Math-Fair Game question -

    What is the answer of is finish first a fair game

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