Properties of Probabilities
1. The first interviewer you meet with is explaining to you the importance of knowing the regional business landscape in order to be best prepared for new potential clients. She shows you a spreadsheet predicting potential client types with the following information.
Using basic properties of probabilities, state two reasons how you know this information is not accurate. Enter a step-by-step answer and explanation
|
Client Type |
Corporate |
Small Business |
Legal |
Government |
Private |
|
Probability |
0.45 |
0.11 |
-0.09 |
0.29 |
0.7 |
2. The next interviewer you meet with is excited to show you a dice game he has developed that he is hoping to sell to a local casino. The game involves using two 10 sided dice with faces numbered 1 through 10.
Your interviewer tells you that the game costs $1 to play and it has an expected value of 47 cents for every dollar spent.Use the following payouts to determine the expected value of the game. Do you agree with your co-worker’s assertion? Enter a step-by-step answer and explanation.
|
Roll |
Sum of 19 |
Sum of 17 |
Sum of 15 |
Sum of 13 |
Doubles |
Other |
|
Winnings |
$5 |
$3 |
$2 |
$1 |
$.5 |
$0 |
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