SOLUTION: The expected value of a carnival game is -$6.50, and the cost to play the game is $10.00. Determine the fair price to play the game.
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Question 731974: The expected value of a carnival game is -$6.50, and the cost to play the game is $10.00. Determine the fair price to play the game. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! The expected value of a carnival game is -$6.50, and the cost to play the game is $10.00. Determine the fair price to play the game.
fair price = cost + expected value
fair price = 10.00 + (-6.50)
fair price = $3.50
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Cheers,
Stan H.
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