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A bookie puts the odds of team A winning a contest at p =.40.A bet on team A of $10 will return $20 if A
A bookie puts the odds of team A winning a contest at p=.40.A bet on team A of $10 will return $20 if A wins.
___ 24. The expected return to the bettor is
(a)$5
(b)$2
(c)-$2
(d)-$5
___ 25. Suppose the bettor has inside information that puts the odds of team A winning at .55.The bettor's expected return in this case is
(a)$2
(b)$1
(c)-$1
(d)-$2
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