Simplifying 50 Challenging Problems
Simplifying 50 Challenging Problems
Average
On the average, how many times
Trials until First Success must a die be thrown until one 6 times
a die be thrown until one
gets a 6?
gets a 6
Subjective question.
An urn contains 10 black balls
and 10 white balls, identical
An urn contains 10 black No one can say what
except for color. You choose
balls and 10 amount is appropriate for
"black" or "white." One ball is
white balls. you to pay for either game.
An Experiment in Personal drawn at random, and if its color
Expected value is half of the
Taste for Money matches your choice, you get $10,
Write down the maximum bet. Thus, betting $10 would
otherwise nothing. Write down the
amount you are willing to give us $5 as expected
maximum amount you are willing
pay to play the game. value because of 50-50
to pay to play the game. The
chance of winning(random
game will be played just once.
probabiblity).
Subjective question.
A friend of yours has available
many black and many white
No one can say what
balls,and he puts black and white
A ball is drawn randomly amount is appropriate for
balls into the urn to suit himself.
from this urn. you to pay for either game.
An Experiment in Personal You choose "black" or "white." A
Write down the maximum Expected value is half of the
Taste for Money ball is drawn randomly from this
amount you are willing to bet. Thus, betting $10 would
urn. Write down the maximum
pay to play this game. give us $5 as expected
amount you are willing to pay to
value because of 50-50
play this game. The game will be
chance of winning(random
played just once.
probabiblity).