Statistics and Probability Quiz
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EVALUATE OUTCOMES OF DECISIONS
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A player is choosing between two carnival games. Compute expected net winnings per play (prize value minus entry fee) to decide which is better over many plays.
Strategy A (entry fee $5):
- 0.75 probability of winning a $0 prize
- 0.20 probability of winning a $10 prize
- 0.05 probability of winning a $50 prize
Strategy B (entry fee $3):
- 0.60 probability of winning a $0 prize
- 0.35 probability of winning a $6 prize
- 0.05 probability of winning a $30 prize
Which strategy has the greater expected value (average net winnings) over many repetitions?
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