Suppose it costs $8 to roll a pair of dice. you get paid the sum of the numbers in dollars that appear on the dice.a. what is the expected value of the game?b. is it a fair game?

Accepted Solution


there is no specific expected value, but I predict that is is going to be in the negatives.

a player is able to gain a total of 12 dollars, but has a HIGH probability of making less than they spent. If they had to pay $6, they would have a 50/50 chance of making their money back.
so no it is not a fair game either.

I hope this helps, and have a nice day!