A person plays a game where he blindly picks a colored chip from a container. There are 20 chips in the container: 5 red, 11 green, and 4 blue. He gets $1 for a red chip, nothing for a green chip, and he has to pay $1.25 if he picks a blue chip. This is a fair game.
True
False

Question

A person plays a game where he blindly picks a colored chip from a container. There are 20 chips in the container: 5 red, 11 green, and 4 blue. He gets $1 for a red chip, nothing for a green chip, and he has to pay $1.25 if he picks a blue chip. This is a fair game.
True
False

welshfella · Answer

work out the probabilities of picking a blue chip and a red chip

anonymous · Answer

red chip=5/20=0.25
blue chip=4/20= 0.2

welshfella · Answer

on the face of it that seems fair as there is less chance of getting a blue than a red, The money is in the same ratio as the probabilities. But the chaance of picking a green is greater than  1/2...

welshfella · Answer

so what do you think?

welshfella · Answer

- but he doesn't have to pay money to play the game.

anonymous · Answer

okay that sounds fair to me @welshfella

welshfella · Answer

yes  i think it is fair
If you hade to pay to play then it would not be fair