Hi

   W

6  $3   1/6  

5  $2   1/6  

4  $1   1/6    Expect winnings 6/6  or $1



A game in which the expected net winnings are zero is called a fair game.

b) what is a fair price to play this game. $1

   Net

6  $2   1/6  

5  $1   1/6  

4  $0   1/6  

3 -$1   1/6  

2 -$1   1/6  

1 -$1   1/6  expected net winnings are zero 

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