Is It Fair? In this game, two chips are placed in a cup. One chip has two red sides and one chip has a red and a blue side. The player shakes the cup and dumps out the chips. The player wins if both chips land red side up and loses if one chip lands red side up and one chip lands blue side up. The cost to play is $4 and the prize is worth $6. Is this a fair game. = Win a prize = Do not win a prize 1. Start by determining the probabilities for winning a prize and not winning a prize. Draw a probability tree to find the possible outcomes and the probabilities. After you draw the tree, check you work by clicking on the link below. Click to view hint 2. Create the probability distribution of the game. Fill in the missing parts of the chart. - Number of Red Chips P(I) Result Lose + Win 3. Now find the expected value. I, Number of red chips X - Net Money Won or Lost P(z) 4. What is the expected Value? Click to view hint 5. Is this a fair game? No