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It costs $5 to play a game where I could win $10, win $2 or lose. I compute my expected winnings to be $3.56. Which
It costs $5 to play a game where I could win $10, win $2 or lose. I compute my expected winnings to be $3.56. Which answer below best describes the situation? It costs $5 to play a game where I could win $10, win $2 or lose. I compute my expected winnings to be $3.56. Which answer below best describes the situation? The expected winnings must be equal to one of the potential winnings from the game- so if the winnings are different I must've done something wrong. The expected winnings is what we would expect on average if that game was played many, many times- so it makes sense that the expected winnings might not equal the literal winnings of one particular game. The expected winnings is what we would expect on average if that game was played many, many times- so it does not make sense that the expected winnings might not equal the literal winnings of one particular project game. The expected winnings and the potential winnings are different calculations and there is no reason I should expect the values to be related
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