How do you do this? I need help.?
Jessica Asked: How do you do this? I need help.?
a "psychic" runs the following ad in a magazine: expecting a baby? renowned psychic will tell you the sex of the unborn child from any photograph of the mother. cost $10. money back guarentee.
Suppose that the psychic simply replies "boy" to all inquiries. In the worst case, everyone who has a girl will ask for her money back. Find the expected value of the psychic's profit
probability for a boy .51
girl: .49
what is the psychics profit?
the expected value?
Answers:
hayharbr Answered:
0.51 10 = 5.1
0.49 0 = 0
———————
expected value = 5.1 + 0 = $5.10
0.51 10 = 5.1
0.49 0 = 0
———————
expected value = 5.1 + 0 = $5.10
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