Explore BrainMass

Explore BrainMass

    Statistics - Probability

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    A game is fair if the expected value of the game is 0. For example, consider the following wager in which you toss a fair coin and win $1 if heads appears and lose $1 if tails appears. The EMV = 0.50*1 + 0.5*(-1) = 0. Now,consider the following wager where you are given a fair coin which you toss twice. If two heads appear, you win $3.00. Otherwise, you lose $1.00. Is this game fair? Explain your answer.

    © BrainMass Inc. brainmass.com March 4, 2021, 8:47 pm ad1c9bdddf
    https://brainmass.com/statistics/probability/statistics-probability-coin-toss-194089

    Solution Preview

    There are 4 outcomes when a coin is tossed twice: {hh, ht, th, tt}

    Probability that 2 heads, that ...

    Solution Summary

    The probability in coin toss statistics is examined. Step-wise solution is provided.

    $2.49

    ADVERTISEMENT