Question 674638
<pre><font face = "Tohoma" size = 3 color = "indigo"><b> 
Hi
   W
6  $3   1/6  {{{3*(1/6) = 3/6}}}
5  $2   1/6  {{{2*(1/6) = 2/6}}}
4  $1   1/6  {{{1*(1/6) = 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  {{{2*(1/6) = 2/6}}}
5  $1   1/6  {{{1*(1/6) = 1/6}}}
4  $0   1/6  {{{0*(1/6) = 0}}}
3 -$1   1/6  {{{-1*(1/6) = -1/6}}}
2 -$1   1/6  {{{-1*(1/6) = -1/6}}}
1 -$1   1/6  {{{-1*(1/6) = -1/6}}}expected net winnings are zero