Question

Blue Chips and Red Chips A bag contains 3 blue chips and 2 red chips. Chi and Dolly play the following game. Chi selects one chip at random from the bag. If Chi selects a blue chip, Dolly gives Chi $5. If Chi selects a red chip, Chi gives Dolly $8
a)Determine Chi’s expectation.
b)Determine Dolly’s expectation

Answer 1

for a)

Chi gets money if he selects blue chip

Answer 2

so Chi's expectation is to draw a blue chip

Answer 3

stats

Answer 4

probability

Answer 5

so we have five chips total

Answer 6

blue is three and red is 2
so therefor we know to draw a blue chip there is 1of 3 chance and to draw a red chip there is 1 and two chance now the question is what is the probability of drawing a blue chip is 1/3

Answer 7

Tell me I am on the right track here?

Answer 8

yes

Answer 9

do you have the form for this problem/

Answer 10

there was no form just have to give the probaility

Answer 11

I was wrong you have to give the expectd value
E =P1·A1 + P2·A2 + P3 · A3 + … + Pn · An
doe sthis help

Answer 12

give me a couple min to review something here

Answer 13

here is the answer:
Question 436502: Blue Chips and Red Chips A bag contains 3 blue chips and 2 red chips. Chi and Dolly play the following game. Chi selects one chip at random from the bag. If Chi selects a blue chip, Dolly gives Chi $5. If Chi selects a red chip, Chi gives Dolly $8.
* a) Determine Chi’s expectation.
* b) Determine Dolly’s expectation.
You can put this solution on YOUR website!
Blue Chips and Red Chips A bag contains 3 blue chips and 2 red chips. Chi and Dolly play the following game. Chi selects one chip at random from the bag. If Chi selects a blue chip, Dolly gives Chi $5. If Chi selects a red chip, Chi gives Dolly $8.
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Random gain values for Chi: 5, -8
Corresponding Probabilities: 3/5, 2/5
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* a) Determine Chi’s expectation.
E(x) = 5(3/5)-(8)(2/5) = 3-16/5 = -1/5 = -20 cents
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* b) Determine Dolly’s expectation.
Ans: +20 cents

Answer 14

hey you see the answer?