Question

Coin flip probability kind of thing. Will medal

A game is played as follows:

A coin is flipped 3 times.

If 3 heads come up, then you win $5.
If 2 heads come up, then you lose $5.
If 1 head comes up, then you lose $4.
If no heads (all tails) come up, then you win $4.
In two or more sentences, explain whether or not the game is fair.
The game is fair if the expected value is zero
Expected Value = p 1 v 1 + p 2 v 2 (maybe more variables needing to be added depending on equation)

Answer 1

to me the game is fair, because the probability of getting heads or tails are the same 50/50. that is all i can say

Answer 2

I don't have time to write a couple sentences, but basically there is a higher chance you will lose money. There is a higher probability that you will flip one or two heads, than none or all.

Answer 3

Think about it :P

Answer 4

You need to work out the probabilities of getting each outcome
eg. probability you will get 3 heads = 1/8

Answer 5

Make sure and medal whoever, as well as close the question.

Answer 6

one you have the probability values of the four possible outcomes,

multiple each, by the value of each outcome

then sum these all together,

the result is the expected value,

if the expected values is 0, the game is fair,

if the expected values is negative, the more you play, the more you will loose (probably)

if the expected a value is positive, the more you play, the more you will win (probably)