4. Empirical Tegan and Sara are working at a ticket stand at a carnival. Over the...
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4. Empirical Tegan and Sara are working at a ticket stand at a carnival. Over the past five hours they have kept track of the features of the last 100 people who have stopped by (see table). They have decided to spice up the Hair Length Glasses No Glasses Short 14 21 Long 11 32 Bald 17 5 225 rest of the day and have developed a game to play (described from Tegan's perspective). If the next person that stops by has short hair or glasses, Tegan gets 12 points. If the person is bald and not wearing glasses, Tegan gets 120 points. Otherwise, Tegan loses 8 points (the cost to play). Using the provided data (and empirical probabilities), find the expected value for the game (for Tegan). Is the game a fair game? If not, find a fair price. 4. Empirical Tegan and Sara are working at a ticket stand at a carnival. Over the past five hours they have kept track of the features of the last 100 people who have stopped by (see table). They have decided to spice up the Hair Length Glasses No Glasses Short 14 21 Long 11 32 Bald 17 5 225 rest of the day and have developed a game to play (described from Tegan's perspective). If the next person that stops by has short hair or glasses, Tegan gets 12 points. If the person is bald and not wearing glasses, Tegan gets 120 points. Otherwise, Tegan loses 8 points (the cost to play). Using the provided data (and empirical probabilities), find the expected value for the game (for Tegan). Is the game a fair game? If not, find a fair price.
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