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

[UghhHelpp]

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.

 

[tkhunny]

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?"