Should You Play? Analyzing a Game with Probability & Strategies to Fix it

In summary, your friend wants to play a game where you roll two dice and the sum determines if you win \$2, \$1, or lose depending on the range. You pay \$10 to play. Constructing a probability distribution and finding the mean, the expected value is -\$1.50, meaning it is not in your favor to play. To fix the game, you would need to change the probabilities so that the expected value is greater than zero.
  • #1
UghhHelpp
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Part 1: Your friend wants to play a game. You will roll two dice. If the sum of the dice is 8 or higher you win \$2, from 5-7 you win \$1, and from 2-4 you lose. You pay \$10 to play the game. Should you play? Explain. (Hint: Construct a probability distribution and find the mean)

Part 2: Fix the game so that it is in your favor to play.
 
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  • #2
UghhHelpp said:
Part 1: Your friend wants to play a game. You will roll two dice. If the sum of the dice is 8 or higher you win \$2, from 5-7 you win \$1, and from 2-4 you lose. You pay \$10 to play the game. Should you play? Explain. (Hint: Construct a probability distribution and find the mean)

Part 2: Fix the game so that it is in your favor to play.

Well, let's see what you have. Produce a mathematical expectation for us.

Note: "Should you play?" is not a good question. This is very subjective and includes your financial goals, your risk aversion, the proximity of your next payday, and lots of other factors. Do you mean, "Is your mathematical expectation greater than zero?"
 

1. What is the purpose of analyzing a game with probability and strategies?

The purpose of analyzing a game with probability and strategies is to determine the likelihood of winning or losing, and to develop a plan of action or strategy to improve one's chances of winning. It allows players to make informed decisions and increases their chances of success.

2. How do you calculate the probability of winning a game?

The probability of winning a game can be calculated by dividing the number of possible outcomes that result in a win by the total number of possible outcomes. For example, if there are 10 possible outcomes and 3 of them result in a win, the probability of winning would be 3/10 or 30%.

3. Can probability and strategies be used in all types of games?

Yes, probability and strategies can be used in all types of games. Whether it's a board game, card game, or even a sports game, understanding the probabilities and having a strategy can give you an advantage and increase your chances of winning.

4. How can probability and strategies be used to fix a game?

Probability and strategies can be used to identify any flaws or imbalances in a game that may make it too easy or too difficult for players to win. By analyzing the probabilities and developing effective strategies, tweaks can be made to the game to make it more fair and enjoyable for players.

5. Is it necessary to be a math expert to analyze a game with probability and strategies?

No, you don't need to be a math expert to analyze a game with probability and strategies. While some mathematical understanding may be helpful, there are many resources and tools available that can assist with calculating probabilities and developing strategies for games of all levels of complexity.

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