Exercise 40 describes the game Plinko from The Price is Right. Each contestant drop between one and
Question:
Exercise 40 describes the game Plinko from The Price is Right. Each contestant drop between one and 5 chips down the Plinko board, depending on how well s/he prices several small items. Suppose the random variable C = number of chips earned by a contestant has the following distribution:
The winnings from each chip follow the distribution presented in Exercise 40. Write a program to simulate Plinko; you will need to consider both the number of chips a contestant earns and how much money is won on each of those chips. Use your simulation to estimate the answers to the following questions:
a. What is the probability a contestant wins more than $11,000?
b. What is a contestant’s expected winnings?
c. What is the corresponding standard deviation?
d. In fact, a player gets one Plinko chip for free and can earn the other four by guessing the prices of small items (waffle irons, alarm clocks, etc.). Assume the player has a 50–50 chance of getting each price correct, so we may write C = 1 + R, where R ∼ Bin(4, .5). Use this revised model for C to estimate the answers to (a)–(c).
Step by Step Answer:
Modern Mathematical Statistics With Applications
ISBN: 9783030551551
3rd Edition
Authors: Jay L. Devore, Kenneth N. Berk, Matthew A. Carlton