Provide an appropriate response.
-A game is said to be "fair" if the expected value for winnings is 0, that is, in the long run, the player can expect to win 0. Consider the following game. The game costs $1 to play and the winnings are $5 for red, $3 for blue, $2 for yellow, and nothing for white. The following probabilities apply. What are your expected winnings? Does the game favor the player or the owner? $$\begin{array} { r | r }
\text { Outcome } & \text { Probability } \
\hline \text { Red } & .02 \
\text { Blue } & .04 \
\text { Yellow } & .16 \
\text { White } & .78
\end{array}$$

Question

Provide an appropriate response.
-A game is said to be "fair" if the expected value for winnings is 0, that is, in the long run, the player can expect to win 0. Consider the following game. The game costs $1 to play and the winnings are $5 for red, $3 for blue, $2 for yellow, and nothing for white. The following probabilities apply. What are your expected winnings? Does the game favor the player or the owner? $$\begin{array} { r | r } 
\text { Outcome } & \text { Probability } \
\hline \text { Red } & .02 \
\text { Blue } & .04 \
\text { Yellow } & .16 \
\text { White } & .78
\end{array}$$

Quizplus · Accepted Answer

The Answer of Provide an appropriate response.
-A game is said to be "fair" if the expected value for winnings is 0, that is, in the long run, the player can expect to win 0. Consider the following game. The game costs $1 to play and the winnings are $5 for red, $3 for blue, $2 for yellow, and nothing for white. The following probabilities apply. What are your expected winnings? Does the game favor the player or the owner? $$\begin{array} { r | r } 
\text { Outcome } & \text { Probability } \
\hline \text { Red } & .02 \
\text { Blue } & .04 \
\text { Yellow } & .16 \
\text { White } & .78
\end{array}$$

Provide an Appropriate Response