9. You are considering playing a card game. The rules of the game are such that you
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9. You are considering playing a card game. The rules of the game are such that you pick a card from a standard deck of 52 cards and if the card is a face card (jack, queen, or king), you win $50. The catch is you have to pay the dealer a fee of $10 to play the game. What is the expected value of this gamble? (Hint: In a standard deck of cards, 12 of the cards are face cards).
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Related Book For 
Microeconomics
ISBN: 9781292214351
2nd Global Edition
Authors: Daron Acemoglu, David Laibson, John List
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